GoldenSource Corporation, the leading independent provider of Open Enterprise Data Management (EDM) for financial institutions, announced today that GoldenSource EDM is the first global EDM solution mapped to the Financial Industry Business Ontology (FIBO) semantic standard.
FIBO is a key initiative of the EDM Council, a trade association of over 100 global banks and other industry participants.
As a FIBO-enabled application, GoldenSource Open EDM provides financial institutions with the opportunity to rapidly support regulatory reporting, provisioning of data to internal systems, and to distribute "fit for purpose" data to different user groups throughout their enterprise.
"The financial services ecosystem of regulators, banks, their counterparties and service providers are demanding efficiencies and transparency" says Mike Meriton, CEO of GoldenSource. "We're excited by the opportunity to meet these pressing industry requirements by offering an open EDM platform that leverages the FIBO industry standards."
The FIBO ontology unambiguously describes, in business terms, contractual concepts for business entities, securities, derivatives, loans, market data, corporate actions and transactions. FIBO provides a common, standard reference point for data alignment across the industry and within internal applications to make systems integration more economical. FIBO also aligns data for regulatory reporting, internal risk, compliance, and analytics.
GoldenSource's adoption of FIBO, starting with Business Entities and extending to additional content as it is finalized by the FIBO working group, means that any financial institution using GoldenSource, and GoldenSource's out-of-the-box Connections to common data suppliers, will be able to access, analyze, and produce output consistent with FIBO standards.
"The EDM Council has developed FIBO in collaboration with experts across the full spectrum of the financial industry" said Michael Atkin, Managing Director, EDM Council. "FIBO interests both regulators and financial institutions around the world as a common language for the structure of financial instruments, organizational relationships about parties, and the obligations associated with transactions. TT. This helps facilitate data alignment across the industry, validates data quality and reduces operational costs. We are encouraged to see that GoldenSource is adopting open standards and integrating FIBO standards into its EDM platform."
GoldenSource's FIBO alignment is managed using the Adaptive Metadata Manager web-based repository, the selected repository for FIBO deployed by the EDM Council. "GoldenSource's adoption of FIBO is an exciting evolution of vendors along with institutions that see the powerful efficiencies of integrating the FIBO standards into their platforms. We are pleased that the Adaptive repository is a key enabler of these open industry capabilities", said John Mulholland, Executive Vice President of Adaptive.