Finance

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Finance Insurance are Alive and Well at OMGA
OMG Finance Domain Task Force Overview

• Task Force Chairman
• Jack Hassall, Stanford Software, UK
• Jack Eaton, Stanford Software, UK
• Rich Lemieux, Travelers Group, USA

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What is the FDTF?
OMG's FDTF is the group unanimously chartered by
the OMG membership to solicit, evaluate and
recommend technology adoption to the OMG in the
Financial Services Domain. The FDTF is
accountable to OMG's Domain Technical Committee,
which is responsible for the various vertical
market standardization efforts, such as
Telecomms, Manufacturing, Healthcare and so on,
including of course, Financial Services. The
OMG's Financial Special Interest Group was the
pre-cursor to the Financial Domain Task Force.
The group was formally established on December
the 5th, 1994 at the OMG Technical Committee
meeting in Nashua New Hampshire, USA. At the OMG
Board of Directors meeting in March 1996, the
OMG's Financial SIG effectively made the
transition from a SIG, to a fully independent
Task Force with the ability to issue Requests For
Information (RFIs), Requests For Proposals (RFPs)
and Requests For Comments (RFC) via the OMG
Technology Adoption Process.
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FDTF Scope
The scope of the OMG's Financial Domain Task
Force (CORBAfinancials Task Force) comprises a
vitally important vertical market financial
services and accounting. These important
application areas are present in virtually all
organizations including all forms of monetary
transactions, payroll, billing and so forth. The
state of the practice entails many monolithic and
proprietary application systems with limited
standards for data interchange and commercial
software component integration.
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Some Organizations involved
Aetna, American Management Systems, Andersen
Consulting, Apple, A.T. Kearney, ATT, Banksiel
(Italy), Bellsouth, Canadian Imperial Bank Of
Commerce, Candle, Chase Manhattan Bank, CityMax,
Continuum Inc, CODA, Cumulus, Data Access,
Digital, Defense Information Systems Agency
(DISA), De Montfort University, Dun and
Bradstreet Software, EDC, Enterprise Engineering,
Electronic Data Systems (EDS), Federal National
Mortgage Association (Fannie-Mae), Flexi
International, Fujitsu, GemSym, Hewlett-Packard,
Hughes Applied Information Systems, IBM, ICL, ING
Group (Netherlands), J.P. Morgan, Kapre, Kolence
Associates, Micro-Focus, Microsoft, Mitel, MITRE,
NEC, National Security Agency (NSA), National
Industrial Information Infrastructure Protocols
(NIIIP), Nokia, Merill Lynch, Mitsubishi, Object
Definition Alliance (ODA), Object Design, Object
Technology International, Ontos, Open IT/SC 21
Liason, Odyssey Reasearch Associates, Oracle,
Ordina TC, Olivetti, Oracle, Pitney Bowes,
PostModern Computing, Protocol Systems, Quality
Software Products (QSP), Rouge Wave, Royal
Military College of Canada, Siemens-Nixdorf,
Software 2000, Stanford Software, STR, SunSoft,
System Software Associates (SSA), Texas
Instruments, Tandem, Travelers, TRW, United
Technologies, Unisys, University of Alabama,
Vmark Software, X/Open and many, many more.
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Finance Task Force Goals
To promote financial services and
accounting software to use OMG standards.
To provide an internationally recognized forum
for industry focus on Financial Services and
Accounting Facilities. To identify relevant
standards, research and technologies in this
area. To co-ordinate end-user requirements
in the Financial Domain via liaison with OMG 's
End-User SIG. To co-ordinate potential
future specification activities with the OMG
Common Facilities Task Force (CORBAfacilities).
To involve all interested members of the
OMG in the OMG Financial Domain Task Force.
To create a CORBAfinancials Architecture and
Roadmap for the Financial Services Industry,
world-wide. To issue RFIs, RFPs and RFCs
for CORBA based technology relevant to the
Financial Services Industry. To evaluate
RFI and RFP responses and subsequently recommend
technology to be adopted by the OMG. To
assist and advise the OMG Liaison Sub-Committee
with related Standards Organizations and
Consortia.
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Regional co-ordinators

• Bill Hertha of the Canadian Imperial Bank of
  Commerce
• Kevin Tyson, Enterprise Engineering Associates,
  NYC
• Alan Pope of QDS,
• Oscar Van Der Meer, ING Group,
• Roberto Zicari of LogOn in Germany
• Toshiaki Kurokawa and Hiroki Kamata San, in Japan

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Task Forces

• Telecomm
• Medical
• Transportation
• Life Sciences
• Manufacturing
• Finance
• Electronic Commerce
• Business Objects

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Finance Working Groups

• Insurance
• Banking
• Risk Management
• Accounting
• Brokerage
• Product

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Specializing Common Objects
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What are we standardizing?
A
Process
System
B
Component
C
FDTF
CBO
Object
D
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Financial Components
Agreement Management
Product Management
Financial Transaction Management
Party Management
Asset Liability Management
Investment Pool Management
Portfolio Management
GL
Calendar
Currency
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Product Management
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Agreement Management
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Investment Portfolio Management
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Investment Pool Management
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Financial Transaction Management
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Asset Liability Managementaka Thing
Management
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Complete Admin System
Life System





Party Management
Agreement Management
Product Management


Asset Liability Management




Investment Pool Management
Investment Portfolio Management
Investment Transaction Management
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New Business System
New Business System


Party Management
Agreement Management
Product Management

Asset Liability Management
Investment Pool Management
Investment Portfolo Management
Investment Transaction Management
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Participant Profile System
Participant Profile System



Party Management
Agreement Management
Product Management

Asset Liability Management

Investment Pool Management
Investment Portfolo Management
Investment Transaction Management
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Employee Contributions
?
Employee Contributions





Party Management
Agreement Management
Product Management
Asset Liability Management




Investment Pool Management
Investment Portfolo Management
Investment Transaction Management
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Overall Status

• Over 100 Companies Involved
• Two RPI Issued
• Three RFPs Issued
• Five RFPs underway

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RFP 1 - Currency Background

• The objective of this RFP is to solicit
  interfaces that support the definition and
  management of currencies. This is distinct from
  money which is an amount of one or more
  currencies. This RFP solicits proposals for
  currency representation, currency validation, and
  money algebra.

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RFP 1 - Currency Status

• Status - Completed - Approved by the BOD at the
  July meeting.
• Voting List - 27 Companies (Closed)
• LOI - 4 (Closed)
• Revised Submission - 1, IBM/OTI, Cyborg/SSA

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RFP 2 - Party Management Background

• This RFP solicits proposals for specifications
  for the common features of a Party Management
  Facility for the Financial Service Industry.
  These facilities are part of systems that are
  commonly known as Client or Customer Information
  Systems.

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RFP 2 - Party Management Status

• Status - Submissions have been received.
• Voting List - 54 Companies (Closed)
• LOI - 12 (Closed)
• Initial Submission Deadline - 8/24/98
• Revised Submission Deadline - 10/19/98

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RFP 3 - General Ledger Background

• The General Ledger Facility defines the
  interfaces, and their semantics, that are
  required to enable interoperability between
  general Ledger Systems and accounting
  applications, as well as other distributed
  objects and applications for accounting purposes.
  This RFP solicits proposals for a General Ledger
  Facility.

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RFP 3 - General Ledger Status

• Status - Letters of Intent have been received
• Voting List - 30 Companies (Closed)
• LOI - 5 (Closed)
• Revised Submission Deadline 10/16/98

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Key Issue

• Need more involvement by finance service
  companies and vendors

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Next Steps

• Review the submissions for Party, and GL
• Complete work on the FDTF White Paper
• Complete work on FDTF Web site
• Complete work on Risk Management, Product,
  Agreement, and Investment RFPs