Why Financial Data Standards Matter

December 9, 2016

A recently published position paper from the SWIFT Institute highlights the vital role of financial data standards in an interconnected age.

In their paper, the SWIFT Institute outlines a useful common model for understanding and evaluating current financial data standards, and also describes five recommendations for developing future standards. These are:

  • keep a full representation of all types of stakeholders at the design and implementation table
  • start small and with actual use cases provided by the end users of the data
  • use formal design and maintenance tools wherever possible
  • make the technical specification as invisible as possible
  • listen to contrarian voices, especially if coming from the end user community

  • Additionally, the study determined that any future financial data standards should be flexible and adaptive where possible, and not locked into a single technological approach or coding language. The SWIFT institute suggests standardizers should pay close attention to not only to new technologies, but to the ecosystem and adaptations that arise around them, and be willing to change their mindset.

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