BizTalk is simply about defining a framework for encouraging and standardising XML-based integration within and between organisations. However, the FpML definitions conform to recommendations of the BizTalk framework, he says. But while the industry generally recognises the need for diverse and complementary efforts at this early stage of the standards-making process, some people in the industry felt there was a need to pull the various strands of activity together. There was a further meeting in June, where the participants established the ISO XML Advisory Group. Although this might all seem highly bureaucratic, the industry has learnt through bitter experience that the simple specification of a standard is not enough to ensure systems can actually work together.
Institutions often interpret standards differently, undermining the goal of harmonisation.
Awareness has grown over the past few years that to ensure the success of new standards, there must be a degree of formalisation and co-ordination at each stage of their development, from defining the business models through to implementation. In view of this, the group has proposed that every business process for which an XML standard is to be created is formally described using the Universal Modelling Language. These models will then be used to map the syntax of XML specifications. The ISO will keep a repository of the models and of the rules for generating XML from the models. Finally, there should be an attempt to ensure consistent application of the models, through organisations such as the Securities Market Practice Group.