[rev_slider header-990-200]

The Financial Industry Business Ontology (FIBO) is a collaboratively developed model – a repository of financial industry terms, definitions and relationships.  It was developed in response to the Dodd-Frank Act passed by the U.S. Congress following the financial crisis of 2007-9.  The Dodd-Frank Act requires Financial institutions to implement new data standards that support new reporting requirements that facilitate analytics and “smart data” for automated discovery.

FIBO is a collaborative effort between the EDM Council and is being submitted to become a formal OMG data standard.  As a result, the benefits of FIBO can be applied to a wide range of businesses beyond the Financial Services industry.  To do business faster, for less cost, with “smart data” that responds in real-time.

FIBO files are in a format that is readable by both humans and machines, which enable IT departments charged with data alignment to do their job faster and in sync with their business users and customers.

FIBO Connects Financial Data with Precision

INSIDE: FIBO Connects Applications & Departments
Contracts: Connect Trades, Agreements, Software Licenses, Securities, Shares, Voting Rights
Parties: Private Companies, Public Companies, LLC, LLP, Natural Persons
Locations: Address, ZipCode, Political & Economic Regions
Capital: Equity, Debt, Mortgages, Loans

EXTERNALLY: FIBO Connects Organizations
Rating Data
Supply Chain
Brokers & Agents
Trading Partners

Build your FIBO Enabled Dashboard

OntoApp “FIBO Enabled” Applications Gain Significant Advantages

Do Business Faster
Faster Time to Market, Browse Data in less than 30 Days

Deliver and Profit from New Services

Reduce Operational Expenses
Lower Total Cost of Ownership
Up to 30%-70% TCO reduction in app development and maintenance.

Manage Compliance
Transparent Business Rules give Dynamic Results.

Highly Efficient Development
Reusable objects are shared to expedite app delivery

Deliver a Great User Experience
Rule-driven pages ensure optimum access to data in fewest clicks.

Reduce Duplicate Data Entry
Lower costs, enhance Employee Morale. No need to rekey data.

Manage Complexity
Rules automate and individualize the user experience.
Reduces need for user screens that address every possible scenario.

Align Multiple Repositories of Data
FIBO provides the mechanism for data consistency and comparability. It facilitates data integration, supports business process automation and enables consolidated views across the financial industry.

A Common Business Language
FIBO is a business language and facilitates precise communication (in place of ad hoc spreadsheets and technical models) about data requirements between business stakeholders and IT developers of applications, message schemas etc.

Enables Automation
The language of FIBO combined with logically consistent rules and definitions can link disparate information, infer classification, create relationships and support complex analytics.

Lowers Cost of IT
To reduce reliance on legacy data structures and to support modification of databases without incurring high IT costs, applications restructuring efforts or implementation delays.

 

FIBO Standardization

Through joint efforts of EDM Council and OMG, FIBO is on the path to becoming an industry standard.

Once ratified, the opportunity is to then “FIBO Enable” your applications to leverage the added horsepower.  FIBO can be added to a vast array of applications that extend far beyond Financial Services.  FIBO can add the value of interoperability to any application that handles contracts, financial data, ownership, mortgages, geolocation, eCommerce and much more can benefit from FIBO.

Learn more: Financial Services Applications that can benefit from FIBO


Tame Risk with Smart Data, Not Big Data

Source: American Banker
Author: Tom Steinert-Threlkeld
March 6, 2013


EDM Council hires DoD veteran to lead FIBO standards work

Source: Banking Technology
Author: David Bannister
February 12, 2013


EDM Council Plans to Show Semantic Solution for LEI at Next Week’s FSB Meeting

Source: ReferenceDataReview.com
October 10, 2012


Financial Services Industry Sees Operational Value in FIBO

Source: Semantic Web.com
Author: Jennifer Zaino
April 23, 2012


FIBO, FIBO, It’s Off To A Financial Industry Business Ontology We Go

Source: Semantic Web.com
Author: Jennifer Zaino
March 14, 2012

Get a head-start using FIBO.  Get your FIBO enabled Starter App.