A One Thousand entity Core Financial Services Business Data Model goes open source.
Jayzed Data Models Inc. has released the core of the Financial Industry Business Data Model (FIB-DM) under GNU General Public License (GPL-3.0), an Open Source Initiative® recommended copyleft license.
FIB-DM Core is a comprehensive, self-contained, high-quality blueprint for smaller financial service providers, academic research, and independent data architects. You can use FIB-DM as a complete Enterprise Data Model, scoped subsets for application and departmental databases, or both.
With 3,040 normative entities, the Financial Industry Business Data Model 2023/Q4 is the largest Enterprise Data Model available for Banks and Investment Companies.
FIB-DM Core, derived from FIBO 2018/Q4 Production, has 1029 entities for free – a third of the full model.
Jayzed Data Models retains specialized packages for Loans, Securities, Derivatives (DER), Indices and Indicators, Collective Investment Vehicles (funds), and Corporate Actions. Commercial licenses of the extensions fund the work for the open-source core.
FIB-DM is a transformation from the industry-standard ontology. In Set Theory, the core model is a definable inner model of the universe of sets (Wiki). Likewise, an ontology module is self-contained, if (SPARQL) queries on the module return the same results as queries on the whole ontology. In other words, there must be no open ends.
The diagram shows FIB-DM main package (subject area) dependencies, which correspond to ontology imports in the reference ontology.
The Foundation (FND) package uses entities from the generic packages for Metadata (SM), Languages, Countries, and Currencies (LCC), and classification, taxonomies, and vocabularies (SKOS). These packages provide the framework of the data model. For the most part, Foundation is not Finance-specific. You can use the data model patterns for any domain model. Business Entities (BE) and Finance, Business & Commerce (FBC) extend the Foundation. Most BE, and FBC entities are subtypes of Foundation entities. You can leverage half of the content in these packages for other domains.
FIB-DM Core has no references into SEC, DER, and IND. That is to say; there are no missing super-types or Relationship entities.
High quality, concise and business-friendly design
FIB-DM is a complete model transformation of FIBO, the Financial Industry Business Ontology. Above all, the Enterprise Data Management Council (EDMC), an association of global financial institutions created the ontology. Hence, FIBO is the authoritative open source industry standard for concepts, their relationships, and definitions.
But Ontology Web Language (OWL) is fundamentally different from the Entity-Relationship Model (ERM) – won’t the design be changed as well?
Surprisingly not, there is a one-to-one correspondence between named OWL classes and data model entities, because both classes and entities define the same business concepts.
The example diagram below shows the FIB-DM Foundation Agreements Contracts sub-package. For clarity, Associative entities are blue throughout all diagrams.
A contract has effective and execution dates, various terms, and contract parties. Note that in FIBO and FIB-DM party is the role that a person or legal entity plays in the context of the contract.
Data modelers will notice the multiple inheritances of the Promissory Note – it’s not a bug, it’s a feature.
- For the business user, the Promissory Note is indeed both a Written and Unilateral Contract.
- FIB-DM is a conceptual data model – it will not be physicalized as is.
- After scoping, and attribution, the modeler will determine the appropriate pattern to resolve the inheritance.
The Transformation White Paper explains configuration decisions and intricacies in detail.
FIB-DM Core is a comprehensive, self-contained, high-quality blueprint for financial service providers. You can use the largest Open Source data model at the Enterprise level or pattern library Application DB design.
References and further reading
Learn more and upgrading to the Full Data Model, the commercial version here.
FIB-DM page on the EDM Council website: https://spec.edmcouncil.org/fibo/page/data-model
Open Source Initiative website: https://opensource.org/
Jayzed Data Models website: http://jayzed.com/
FIB-DM Technical Specification, Whitepaper, and Diagrams: https://fib-dm.com/
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