XBRL US Joins OMG's Model Driven Message Interoperability (MDMI) Consortium

06/29/2009

OMG today welcomed XBRL US into the OMG Model Driven Message Interoperability (MDMI) Consortium. The MDMI Consortium provides the financial industry with the means for sharing costs of adoption via a dedicated, expert team working to provide proof of business and technical value on an aggressive schedule.

ebizQ received the following:

"XBRL US is the preeminent advocate for extensible business reporting language and the interoperability it enables. The MDMI standard was designed to simplify message information conversion and remove barriers to interoperability in industries including the financial industry," said Richard Mark Soley, Ph.D., Chairman and CEO of the OMG. "We are very excited to be working with the Consortium's founders, and with others, to develop this proof of concept to show the rest of the industry the substantial benefit this approach brings to financial services."

"Recent momentum driven by regulation and compliance has only been accelerated as we turn to XBRL for enhanced efficiency, cost savings, and transparency," said Mark Bolgiano, President and CEO, XBRL US. "Interoperability and convergence among data standards is an important part of that 'next level' for the standard, exemplified by our work to develop ISO-aligned corporate actions taxonomy in cooperation with The Depository Trust & Clearing Corporation (DTCC) and SWIFT."

According to Bolgiano, "MDMI seeks to address the challenges of translation and cross-standards mapping, so there's a natural affinity of mission here."

Additional MDMI Consortium participants include FireStar Software, HSBC and SWIFT.

"Having XBRL US join the OMG MDMI Consortium further validates and supports the broad applicability and value of the MDMI Standard to the financial markets and financial services industry," said Kenneth A. Lord, CEO of FireStar Software. "The MDMI Consortium is now working on MDMI proving its value in the payments, securities processing, and corporate actions market segments with leaders of those message standards."

Message interoperability reduces costs, increases data quality and increases revenue. By automating interoperability between disparate systems, MDMI improves communications, helps reduce errors and provides a way to address future business changes. MDMI lets financial institutions use standardized maps provided by message format owners (including standards bodies, financial institutions and others) to correctly map information in financial message formats including ISO 20022 (UNIFI) compliant formats. Facilitating and mediating payments information across a number of message formats is a high cost obligation for financial institutions. The standard also provides a migration path to new message formats. The MDMI standard specification was submitted by FireStar Software, IBM, Informatica, IP Commerce and VISA with support from Adaptive and SWIFT, and was published at the end of 2007.

XBRL US is a non-profit consortium for XML business reporting standards in the United States and is a jurisdiction of XBRL International. It represents the business information supply chain, including accounting firms, software companies, financial databases, financial printers and government agencies. Its mission is to support the implementation of XML business reporting standards through the development of taxonomies relevant for use by US public and private sectors, working with a goal of interoperability between sectors, and by promoting adoption of these taxonomies through the collaboration of all business reporting supply chain participants.

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