Why Financial Data Standards Matter
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:
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.
For more information, see the summary article below.
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