Contact:
Stephanie Covert
OMG
+1-843-737 0637
pr@omg.org
XBRL US Joins OMG’s Model Driven Message Interoperability (MDMI) Consortium
Needham, MA, USA – June 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.
“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.”
About MDMI
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.
For more information about the MDMI Consortium, see http://www.omg.org/mdmi; for more information about OMG, visit http://www.omg.org/. Questions about membership in OMG or the MDMI Consortium may be directed to Ken Berk at +1-781-444 0404 or ken.berk@omg.org.
###
About XBRL US
XBRL US is the 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. XBRL US has developed taxonomies to support U.S. GAAP and common reporting practices, the Risk Return Summary in mutual fund prospectuses and the Schedule of Investments under contract with the Securities and Exchange Commission. The XBRL US GAAP Taxonomies are available for review at http://xbrl.us/taxonomies/Pages/US-GAAP2009.aspx.
About OMG
OMG is an international, open membership, not-for-profit computer industry consortium that in 2009 is celebrating its 20th Anniversary. OMG Task Forces develop enterprise integration standards for a wide range of technologies, including: Real-time, Embedded and Specialized Systems, Analysis & Design, Architecture-Driven Modernization and Middleware and an even wider range of industries, including: Business Modeling and Integration, C4I, Finance, Government, Green Computing, Healthcare, Insurance, Legal Compliance, Life Sciences Research, Manufacturing Technology, Robotics, Software-Based Communications
and Space.
OMG’s modeling standards, including the Unified Modeling Language™ (UML®) and Model Driven Architecture® (MDA®), enable powerful visual design, execution and maintenance of software and other processes, including IT Systems Modeling and Business Process Management. OMG’s middleware standards and profiles are based on the Common Object Request Broker Architecture (CORBA®) and support a wide variety of industries.
More information about OMG can be found at www.omg.org. OMG is headquartered in Needham, MA, USA.
Note to editors: MDA, Model Driven Architecture, OMG Logo, XMI, UML, UML logo and CORBA are registered trademarks, and OMG, Object Management Group, Business Ecology, Actionable Architecture, SOA Consortium, SysML, SoaML, MOF, MDA Logos, BPMN, OCRES, OCUP, OCEB, Green Computing Maturity Model, GCMM, Unified Modeling Language and “We Set the Standard” tagline are trademarks of Object Management Group. All other trademarks are the property of their respective owners.
