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Financial Industry Business Ontology Community Group

The mission of Financial Industry Business Ontology Community Group is to propose, discuss, create and maintain extensions to schema.org related to Financial Industries.

Note: Community Groups are proposed and run by the community. Although W3C hosts these conversations, the groups do not necessarily represent the views of the W3C Membership or staff.

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Our extension is in schema.org v3.2 release candidate!

Dear All,

Again, some time has passed since we were promoted to pending.webschemas.org but now we are very close to the promotion to the official “pending” status (i.e. to pending.schema.org). The nature of extensions in pending is such that they already can be used for PRODUCTION sites, as they share the namespace with the main schema.org.

In practical terms, we will very soon be able to use all the terms we proposed, both for core and for fibo.schema.org, since the publication initially planned for May 15th (schema.org v3.2).

You can review the release candidate at: http://webschemas.org/docs/releases.html

Dan Brickley invites us all to report possible “bugs, mistakes, typos, modeling and example improvements and other detailed review comments are welcome here or in the issue tracker at: https://github.com/schemaorg/schemaorg/issues/1292

We are very happy as very soon we will be able to start the real work: using our extension on live websites!

We will also soon propose the FIBO Community Group call aiming at invigoration of the Group activity.

Cheers
Mirek

 

 

 

 

Our financial extension promoted to pending.schema.org !

Dear FIBO W3C community members,

I’m pleased to inform you that our proposal for the financial extension to schema.org based on FIBO, was accepted as a part of “pending” extensions: http://pending.webschemas.org/

In essence it means that our “hosted” extension proposal is just one step from being in full production mode of schema.org. The time that lapsed since we launched our “Pull Request” was admittedly, quite long and it was mostly related to the large scale changes and improvements on schema.org side. Despite the long waiting, we are happy that our extension comes into much better system for global web vocabulary.

Individually, you can inspect our types and properties, through the direct links on http://pending.webschemas.org/

issue-1253 Types (6)
BrokerageAccount, ExchangeRateSpecification, InvestmentFund, MoneyTransfer, MortgageLoan, RepaymentSpecification
issue-1253 Properties (25)
accountMinimumInflow, accountOverdraftLimit, amount, bankAccountType, beneficiaryBank, cashBack, contactlessPayment, currency, currentExchangeRate, domiciledMortgage, downPayment, earlyPrepaymentPenalty, exchangeRate, exchangeRateSpread, floorLimit, gracePeriod, loanMortgageMandateAmount, loanPaymentAmount, loanPaymentFrequency, loanRepaymentForm, loanType, monthlyMinimumRepaymentAmount, numberOfLoanPayments, recourseLoan, renegotiableLoan

The new terms complement the previously accepted “core” terms:

MonetaryAmount, FinancialProduct, BankAccount, DepositAccount, LoanOrCredit, PaymentCard, InvestmentOrDeposit, PaymentService, CurrencyConversionService

leiCode, loanTerm, requiredCollateral, annualPercentageRate, feesAndCommissionsSpecification, interestRate

I would like to encourage you to comment about the new types and properties to be added to schema.org in the realm of FIBO. We need your voice !

Cheers
Mirek

 

We are in schema.org 3.0 !

Dear FIBO W3C community members,
We are very pleased to confirm that our work on schema.org financial extension based on FIBO has been fully appreciated by schema.org steering committee and we are now officially in the “core” of schema.org. (see schema.org release notes)
In essence it means that the smallest common set of financial terms we proposed
(MonetaryAmount, FinancialProduct, BankAccount, DepositAccount, LoanOrCredit, PaymentCard, InvestmentOrDeposit, PaymentService, CurrencyConversionService) plus some modifications of other schema.org terms we suggested – became part of schema.org v3.0.
This is huge success and we would like to discuss within the community how we could all benefit from the achievement. We do not stop going at fast pace, though. As we speak, we are lunching another proposal for fibo.schema.org “hosted” schema.org extension (the post about that step will come here this week).
Last, but not least – we will soon propose our first community wide Conference Call.
Stay tuned !
David, Dennis, Mirek

Time to review initial proposals for support

The next release of Schema.org is starting to take shape.

On the list of things for consideration is our  “Financial (FIBO) proposals for the core vocabulary” for schema.org containing the basic types and properties related to financial products.  This was officially proposed as Pull Request (#965) in the schemaorg repository.

I invite you to review this proposal an submit, hopefully supportive, comments against the Pull Request.  The more support this proposal gets, the more likely it is to be accepted, laying the foundation for future more detailed FIBO extension proposals.

An explanation of why you are supportive, and why it will improve the markup of financial resources, would be good.  However a simple +1 would also be helpful.

You can find the raw RDFa, a list of the proposed additions and changes, and examples listed in the wiki.  Also they are visible at the sdo-fibo.appspot.com test version of the vocabulary.

 

 

The current phase conclusion

The work on the “Proposal for the core” for schema.org containing the basic types and properties related to financial products has come to its conclusion.

We are now planning to submit our proposal, as described in the previous post from Richard Wallis, to schema.org team.

However, if you have any remarks or comments that could make our proposal better, please do not hesitate to contact us, through your comments.

The proposal is presented at: http://sdo-fibo.appspot.com/ and at: https://www.w3.org/community/fibo/wiki/Main_Page

Sincerely
David, Dennis and Mirek

The Stage That We Are At

Hi All,

I thought I would update the group as to where we are at in the process of proposing ways for the Schema.org vocabulary to increase its capabilities for marking up financial organisations, their products and services for structured data discovery on the web.

Mirek described in the Invitation to Participation, this work started as an initiative of the EDMC who engaged an international team to help build the basis of a proposal for a hosted fibo.schema.org extension to the vocabulary.

That work, inspired by FIBO, identified several potential Types and properties that would probably add value to the broad core of Schema.org and lay the foundation for a more detailed, financial industry focused, fibo extension to follow.

A ‘proposal for the core’ is what we are concentrating on at the moment with the proposals and examples that have been shared on the wiki, and loaded into a test version of the Schema.org site at sdo-fibo.appspot.com.

How to view the Proposals.  If you are viewing them as a financial industry expert, you may well find these generic terms as being light on industry specific detail.  This is a deliberate approach to make these general terms understandable and applicable across a broad spectrum of use cases that spreads wider than specific financial organisations.  For example a furniture store describing 6 months interest-free credit on all chairs purchased in December.  This whilst laying the foundation and basic capability for a bank to describe the products and services it has to offer.

Enhancements to Service.  As part of this proposal we are recommending that several properties applicable to Product have Service added to their domain.  These properties are: aggregateRating, audience, brand, isRelatedTo, isSimilarTo, logo, and review.   Whilst adding value to our, financial oriented, proposal also echoes previous discussions generally in the Schema.org communities to align Product and Service properties more closely.

Like any Schema.org proposal it is open for discussion until it is part of a ship.  I invite comments and or questions from anyone that is interested.  The intension is to fairly quickly propose this to the main Schema.org group, via a pull request to the schemaorg Github repository and opening up the discussion to the wider community.

New to Schema.org?  If you are new to Schema.org and its concepts, you might find this background article, from those at the heart of it, useful reading.  Also if you would like an insight into the process this is all part of – applying markup, using the Schema.org site, and creating extensions – I can recommend a webinar series I recently recorded, Schema.org in TwoParts, especially part 2.

~Richard.

The proposal is here…

Dear All,

We are happy to present to you the results of the work done by EDMC fibo.schema.org team. The result of our work is the proposal for a minimal set of types and properties describing basic financial products to be included into schema.org’s “core” vocabulary. We are delivering a set of basic terms that shall enable webmasters to describe the most important financial products on their websites, and in other forms of digital communication.

Immediately after this proposal, we will propose a hosted extension (fibo.schema.org) that will contain much more types and properties that satisfy the needs of more advanced users.

Our proposal is presented in the form of list:


 

fibo/schema.org

 


The draft version of schema.org website containing proposed types and properties is available here: http://sdo-fibo.appspot.com/

It is also illustarted in the following mind-map diagram:

fcschema

We hope for your comments, suggestion and a discussion with us !

David, Dennis, Mirek

Invitation to participation in the FIBO W3C Community Group

Dear All,

We are very glad to see such a large number of enthusiasts in the W3C FIBO Community Group. Before publishing the Charter of our group, please let us explain the goal of the group, as well as its actions that are to be expected in the near future.

FIBO™ is the conceptual business ontology standard for the Finance Industry. FIBO™ provides a description of the structure and contractual obligations of financial instruments, legal entities, market data and financial processes. FIBO™ is released as a series of standards under the technical governance of the EDM Council. FIBO™ is being published as a family of specifications by the Object Management Group.

It is perhaps less clear what fibo.schema.org is and what are its goals. Firstly, let us explain that schema.org is a collaborative, community-based initiative whose mission is to create, maintain, and promote schemas for structured data on the Internet, on web pages, in email messages, and beyond.

Secondly, fibo.schema.org is intended to belong to the group of “Reviewed/hosted Extensions” of schema.org. As such, if accepted, it will share types and properties with the “core” of schema.org.

In February 2015 the EDMC started a schema.org FIBO Content Team under the leadership of David Newman, SVP, Wells Fargo Innovation Group, who chairs the FIBO initiative, and Dennis Wisnosky, Founder, Wizdom Systems, who is the senior advisor to the Council. The FIBO Content Team, which included member volunteers of the EDMC, intended to identify a set of requirements that would drive recommendations for new financial terms and concepts to be proposed to schema.org that would also align with FIBO.

In September 2015 the EDMC engaged Mirek Sopek, founder and vice-CEO of MakoLab SA and members of his international team (Martin Hepp, Richard Wallis, Dominik Kuzinski, Robert Trypuz, Piotr Goetzen and Adam Lis) to further develop these recommendations and to prepare the necessary content and artefacts needed to successfully deliver a formal submission to schema.org that will be approved.

In November 2015, with support from the EDMC team, the group created this W3C Community Group in order to encourage more specialists, particularly from the banking industry, to join an open discussion about the best form and content of the extensions.

The current plan for the group is to propose a certain minimal set of types and properties describing basic financial products to be included into schema.org’s “core” vocabulary. This process will deliver a set of basic terms that shall enable webmasters to describe the most important financial products on their websites, and in other forms of digital communication. Immediately after this proposal, the group will propose a hosted extension (fibo.schema.org) that will contain much more types and properties that satisfy the needs of more advanced users.

Compliance with the FIBO Ontology will be sought during all the stages of the extensions’ creation. This may involve references to existing FIBO classes and properties, as well as proposals to the FIBO team to add certain new terms to FIBO.

We will soon publish the first result of this work – the proposal of terms to be included in schema.org’s core and will start the open discussion about it here. We are looking forward to your active participation and fruitful discussions.

The Community Chairs:
David Newman, Dennis Wisnosky, Mirek Sopek

Call for Participation in Financial Industry Business Ontology Community Group

The Financial Industry Business Ontology Community Group has been launched:


The mission of Financial Industry Business Ontology Community Group is to propose, discuss, create and maintain extensions to schema.org related to Financial Industries.


In order to join the group, you will need a W3C account. Please note, however, that W3C Membership is not required to join a Community Group.

This is a community initiative. This group was originally proposed on 2015-11-13 by Mirek Sopek. The following people supported its creation: Mirek Sopek, Robert Trypuz, Robert Kost, Tom Adamich, Pete Rivett, Christopher Regan. W3C’s hosting of this group does not imply endorsement of the activities.

The group must now choose a chair. Read more about how to get started in a new group and good practice for running a group.

We invite you to share news of this new group in social media and other channels.

If you believe that there is an issue with this group that requires the attention of the W3C staff, please email us at site-comments@w3.org

Thank you,
W3C Community Development Team