Boxborough, MA, December 17, 2007 - The Object Management Group™(OMG™) announced approval of an important new standard, "Conversion Models for Payment Message Standard" (CM4PM). Visa Inc., IBM, IP Commerce and FireStar Software submitted the standard to the OMG's Finance Domain Task Force (FDTF) with support by SWIFT and Adaptive Technologies. The new standard specifies, using a UML® meta-model, a common protocol and a common language, following ISO 20022, for the financial industry to use when converting information in one message into another.
CM4PM lets financial institutions correctly map information in legacy
financial message formats into 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 OMG's FDTF
investigation revealed multiple message conversions can lead to errors and
mistakes that annually cost the industry several billion US dollars. The
standard also provides a migration path to new message formats. As an
example, the CM4PM standard can help financial institutions readily comply
with Single European Payments Area (SEPA) requirements without rebuilding of
current systems.
"The OMG Finance Domain Task Force, through the leadership of Visa Inc. and
FireStar Software has created an elegant standard that simplifies message
information conversion," said Richard Mark Soley, Ph.D., Chairman and CEO of
the OMG. "The OMG is proud of the result and the substantial benefit this
approach will bring to financial services. The CM4PM standard is the first
of several important initiatives the FDTF have been pursuing to reduce costs
and improve quality and security for financial transactions."
"As a company who has been working with the leading global financial
networks, we are pleased with the value proposition the OMG CM4PM Standard
provides," said Mark Eisner, Co-Chair of the OMG FDTF and CTO for FireStar
Software. "Applying fundamental OMG principles such as modeling, reverse
engineering, and decomposition has made it possible for this new standard to
deliver its value. FireStar has worked hard to complement the standard with
a product implementation that will realize its benefits."
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