Implementation of Financial Message Standards to BIAN Architecture
by Singapore Management University
Published in June 2015
To begin with, we shall research and compare the two industry Message Standards, and then, we map the Service Domains in the BIAN Architecture to the each message component of the message standards
To obtain the project objectives, we shall adhere to the following steps:
1. Develop an understanding of the BIAN Cards Business Domain, Service Domains and
the Service Operations.
2. Develop an understanding of the Message Standards ISO 20022 and IFX, overall understanding and deep dive into the Cards related Messages.
3. Map the Message Standards to the BIAN architecture based on the understanding of 1 and 2.
4. Mapping outcomes tables based on the study.
The focusing areas of each Message Standard (IFX and ISO 20022) are different. IFX has more maturity in the B2C (Bank-to-Consumer) domain and is a message object oriented model. ISO 20022 is focused mostly on B2B (Bank-to-Bank) transactions and is a scenario- based model.
Our focus is on the Cards Business Domain and as the outcomes of the mapping exercises; we shall recognize the differences between Message Standards for the service domains.
The basis of our mapping procedure of the Service Domains is derived from the study done by the CMU BIAN team and their recommendation as one of the future work.
The scope of this project was also finalized based on recommendation from BIAN based on their priority, resource availability and project timeline.
We have further included the Business Scenarios mapping to identify the message mapping to the Service Domain interactions based on Cards functionality.