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Financial Information Mediation: A Case Study of Standards Integration for Electronic Bill Presentment and Payment (EBPP) Using the COIN Mediation Technology


Sajindra Jayasena


Singapore-MIT Alliance

Stéphane Bressan


National University of Singapore (NUS) - School of Computing

Stuart Madnick


Massachusetts Institute of Technology (MIT) - Sloan School of Management

August 2004

MIT Sloan Working Paper No. 4495-04; CISL Working Paper No. 2004-12

Abstract:     
There is no such thing as a World Wide Bank managing the central database of all possible financial activities. Such a concept makes neither technical nor business sense. Each player in the financial industry, each bank, stock exchange, government agency, or insurance company operates its own financial information system or systems.

By its very nature, financial information, like the money that it represents, changes hands. Therefore the interoperation of financial information systems is the cornerstone of the financial services they support. E-services frameworks such as web services are an unprecedented opportunity for the flexible interoperation of financial systems. Naturally the critical economic role and the complexity of financial information led to the development of various standards. Yet standards alone are not the panacea: different groups of players use different standards or different interpretations of the same standard.

We believe that the solution lies in the convergence of flexible E-services such as web-services and semantically rich meta-data as promised by the semantic Web; then a mediation architecture can be used for the documentation, identification, and resolution of semantic conflicts arising from the interoperation of heterogeneous financial services.

In this paper we illustrate the nature of the problem in the Electronic Bill Presentment and Payment (EBPP) industry and the viability of the solution we propose. We describe and analyze the integration of services using four different formats: the IFX, OFX and SWIFT standards, and an example proprietary format. To accomplish this integration we use the COntext INterchange (COIN) framework. The COIN architecture leverages a model of sources and receivers' contexts in reference to a rich domain model or ontology for the description and resolution of semantic heterogeneity.

Number of Pages in PDF File: 15

Keywords: Electronic Bill Presentment, IFX, OFX, SWIFT, example proprietary format, COntext INterchange framework

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Date posted: August 17, 2004  

Suggested Citation

Jayasena, Sajindra and Bressan, Stéphane and Madnick, Stuart, Financial Information Mediation: A Case Study of Standards Integration for Electronic Bill Presentment and Payment (EBPP) Using the COIN Mediation Technology (August 2004). MIT Sloan Working Paper No. 4495-04; CISL Working Paper No. 2004-12. Available at SSRN: http://ssrn.com/abstract=577224 or http://dx.doi.org/10.2139/ssrn.577224

Contact Information

Sajindra Jayasena (Contact Author)
Singapore-MIT Alliance ( email )
4 Engineering Drive
Singapore 117576
Singapore
Stéphane Bressan
National University of Singapore (NUS) - School of Computing ( email )
3 Science Drive 2
Singapore 117543
Singapore
Stuart E. Madnick
Massachusetts Institute of Technology (MIT) - Sloan School of Management ( email )
E53-321
Cambridge, MA 02142
United States
617-253-6671 (Phone)
617-253-3321 (Fax)
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