The Society for Worldwide Interbank Financial Telecommunication (Swift), legally S.W.I.F.T. SC, is a cooperative established in 1973 in Belgium and owned by the banks and other member firms that use its service. SWIFT provides the main messaging network through which international payments are initiated. It also sells software and services to financial institutions, mostly for use on its proprietary "SWIFTNet", and assigns ISO 9362 Business Identifier Codes (BICs), popularly known as "Swift codes".
The XML Metadata Interchange (XMI) is an Object Management Group (OMG) standard for exchanging metadata information via Extensible Markup Language (XML).
The Meta-Object Facility (MOF) is an Object Management Group (OMG) standard for model-driven engineering. Its purpose is to provide a type system for entities in the CORBA architecture and a set of interfaces through which those types can be created and manipulated. MOF may be used for domain-driven software design and object-oriented modelling.
Model-driven architecture (MDA) is a software design approach for the development of software systems. It provides a set of guidelines for the structuring of specifications, which are expressed as models. Model Driven Architecture is a kind of domain engineering, and supports model-driven engineering of software systems. It was launched by the Object Management Group (OMG) in 2001.
Delivery versus payment or DvP is a common form of settlement for securities. The process involves the simultaneous delivery of all documents necessary to give effect to a transfer of securities in exchange for the receipt of the stipulated payment amount. Alternatively, it may involve transfers of two securities in such a way as to ensure that delivery of one security occurs if and only if the corresponding delivery of the other security occurs.
Wire transfer, bank transfer, or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash office.
The common warehouse metamodel (CWM) defines a specification for modeling metadata for relational, non-relational, multi-dimensional, and most other objects found in a data warehousing environment. The specification is released and owned by the Object Management Group, which also claims a trademark in the use of "CWM".
ISO 15022 is an ISO standard for securities messaging used in transactions between financial institutions. Participants in the financial industry need a common representation of the financial transactions they perform and this standard defines general message schema, which in turn are used by organizations to define messages in a complete and unambiguous way. This results in efficiency, lower costs, and the avoidance of errors. Prior to standardization in this area, there were overlapping standards, or ad hoc approaches where there was a functional gap and no standard.
In banking and finance, clearing denotes all activities from the time a commitment is made for a transaction until it is settled. This process turns the promise of payment into the actual movement of money from one account to another. Clearing houses were formed to facilitate such transactions among banks.
A metamodel is a model of a model, and metamodeling is the process of generating such metamodels. Thus metamodeling or meta-modeling is the analysis, construction, and development of the frames, rules, constraints, models, and theories applicable and useful for modeling a predefined class of problems. As its name implies, this concept applies the notions of meta- and modeling in software engineering and systems engineering. Metamodels are of many types and have diverse applications.
The ISO/IEC 11179 metadata registry (MDR) standard is an international ISO/IEC standard for representing metadata for an organization in a metadata registry. It documents the standardization and registration of metadata to make data understandable and shareable.
ISO 8583 is an international standard for financial transaction card originated interchange messaging. It is the International Organization for Standardization standard for systems that exchange electronic transactions initiated by cardholders using payment cards.
Fedwire is a real-time gross settlement funds transfer system operated by the United States Federal Reserve Banks that allows financial institutions to electronically transfer funds between its more than 9,289 participants. Transfers can only be initiated by the sending bank once they receive the proper wiring instructions for the receiving bank. These instructions include: the receiving bank's routing number, account number, recipient’s name and dollar amount being transferred. This information is submitted to the Federal Reserve via the Fedwire system. Once the instructions are received and processed, the Fed will debit the funds from the sending bank's reserve account and credit the receiving bank's account. Wire transfers sent via Fedwire are completed the same business day, with many being completed instantly.
Canadian Payments Association, carrying on business under the brand name Payments Canada, is an organization that operates a payment clearing and settlement system in Canada. The Canadian Payments Association was established by the Canadian Payments Act in 1980. Among other responsibilities, it regulates and maintains directories of bank routing numbers in Canada.
TARGET2 is the real-time gross settlement (RTGS) system for the Eurozone, and is available to non-Eurozone countries. It was developed by and is owned by the Eurosystem. TARGET2 is based on an integrated central technical infrastructure, called the Single Shared Platform (SSP). SSP is operated by three providing central banks: France, Germany and Italy. TARGET2 started to replace TARGET in November 2007.
SWIFT message types are the format or schema used to send messages to financial institutions on the SWIFT network. The original message types were developed by SWIFT and a subset was retrospectively made into an ISO standard, ISO 15022. In many instances, SWIFT message types between custodians follow the ISO standard. This was later supplemented by a XML based version under ISO 20022.
The Banking Industry Architecture Network e.V. (BIAN) is an independent, member owned, not-for-profit association to establish and promote a common architectural framework for enabling banking interoperability. It was established in 2008.
The Cross-border Interbank Payment System (CIPS) is a Chinese payment system that offers clearing and settlement services for its participants in cross-border renminbi (RMB) payments and trade. CIPS is backed by the People's Bank of China and was launched in 2015 as part of a policy effort to internationalize the use of China’s currency.
The Aristotle Metadata Registry is commercial Metadata Registry software based on the ISO/IEC 11179 standard for Metadata Registries. It is influenced by the AIHW METeOR Metadata Registry and the Canadian Institute of Health Information Indicator Bank. Aristotle-MDR is designed to describe data holdings databases and associated structural metadata. The Aristotle Metadata Registry was publicly launched at the 2015 IASSIST Conference in Toronto. In 2016, the founders of the Aristotle Metadata Registry were hired by Data61 to continue development of the platform.
