- What is FIBO?
The Financial Industry Business Ontology (FIBO) is a collaboratively developed repository of financial industry terms, definitions and relationships. It has been modeled following "Semantic Web" principles. The existing EDM Council Semantics Repository is being submitted as a series of formal standards through the Object Management GroupTM under the umbrella term of "FIBO". As part of this process the model content is being refactored to comply with the relevant OMG standards, and will be available as machine readable files for software modeling tools (XMI) and in the Semantic Web format, known as RDF/OWL.
- What is the Semantics Repository?
The Semantics Repository is the existing EDM Council semantic model of financial industry terms and definitions. The content is available as a set of spreadsheets and diagrams and may also be downloaded as a model repository file, via the Semantics Repository link. The content of this repository is being put forward, one section at a time, as a series of OMG standards under the FIBO umbrella (see above).
- How can I map my application to FIBO?
The FIBO material may be used as a common point of reference for terms and definitions in data models, message models and applications. The model defines business concepts rather than data elements. To map any database scheme, message scheme or application to FIBO, you will need to determine the intended business meaning for each element and map this to the corresponding meaningful concept in FIBO. Note that in many cases, a good data model will have elements which have more than one business meaning, and so the mapping is not expected to be on a one to one basis. We are available to help members through this process - please click on the relevant link below to seek help with this.
- I’ve got these terms which I don’t see … (issues management)
Seen something which is not in FIBO but which you believe should be? Please let us know. If the term is considered to be suitably universal to be included in a formal standard, we would like to include it. Please first check the more detailed diagrams in case the term is already there. Remember that the FIBO models define things in semantic terms not data model terms - this means that terms are defined in terms of what they actually are in a legal and contractual (or accounting) sense and not necessarily as their names would suggest. So for example a "Construction Loan" is not a kind of loan but a kind of "Credit Facility". If you are sure that you have identified the precise nature of the concept you are looking for and it is not there, please let us know!
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