Peer-to-Peer FpML Notice Processing Without Centralized Hub
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Solution Overview
Problem
The adoption of Financial Product Markup Language (FpML) has been slow due to the need for custom middleware, difficulties in coordinated testing, multiple operation processes for FpML and legacy notices, limited FpML coverage, reliance on vendor hubs and software, and challenges in incremental rollout and handling exceptions and non-FpML notices.
Innovation Solution
A computer-implemented method and system for processing peer-to-peer FpML agency notices, which involves receiving a FpML notice, obtaining unique identifiers for the sender and receiver, generating an FpML message body and data, encrypting the data as needed, and sending the FpML data in an electronic message to the receiver, thereby eliminating the need for a centralized hub and simplifying the process.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If a centralized hub and vendor software are used to process FpML notices, then coordination and testing are simplified, but operational costs increase and system complexity increases
Solution Approach 1:
The patent extracts the centralized hub component from the FpML processing system, enabling direct peer-to-peer communication between sending and receiving systems. This elimination of the intermediary hub reduces system complexity and operational costs while maintaining coordination capabilities through direct system integration.
Solution Approach 2:
The system enables self-service processing where each party's system independently handles FpML notice generation, transmission, and processing without requiring centralized coordination. The sending system generates and transmits notices directly to the receiving system, which independently parses and processes the data, eliminating dependency on vendor hub infrastructure.
2Adaptability or versatility
If custom middleware is developed for FpML processing, then integration flexibility improves, but development costs and implementation complexity increase
Solution Approach 1:
The patent implements a universal FpML processing capability that handles multiple notice types and transaction scenarios through a single standardized interface. The system uses standard FpML schemas and XML parsing mechanisms that can process diverse financial notices without requiring custom middleware development for each specific case.
Solution Approach 2:
The patent replaces the mechanical approach of custom middleware development with an automated XML-based FpML processing system. The standardized FpML format and automated parsing routines substitute for custom-coded integration layers, reducing development costs while maintaining integration flexibility through the standardized markup language.
3Manufacturing precision
If FpML is implemented with full coverage, then processing accuracy improves, but implementation complexity and rollout difficulty increase
Solution Approach 1:
The patent segments the FpML implementation into distinct, manageable components: notice generation in the sending system, standardized XML transmission, and parsing in the receiving system. Each component handles specific FpML notice types independently, allowing incremental implementation and testing while maintaining high processing accuracy through standardized schemas.
Solution Approach 2:
The system implements FpML processing with sufficient coverage for core agency notices while allowing optional extension to additional notice types. The standardized FpML schema provides comprehensive coverage for essential transactions, achieving high processing accuracy for critical operations without requiring implementation of every possible FpML notice type immediately.
Data Source
AI summary
Systems and methods for processing peer-to-peer financial product markup language agency notices are disclosed. According to one embodiment, in an information processing apparatus, a computer-implemented method for processing peer-to-peer financial product markup language agency notices may include: (1) receiving a FpML notice from a sender to a receiver; (2) obtaining a sender unique identifier for the sender and a receiver unique identifier for the receiver; (3) generating a FpML message body for a transaction associated with the notice; (4) generating FpML data comprising the unique identifiers and the FpML message body; (5) generating an electronic message comprising the FpML data; and (6) sending the electronic message FpML data to the receiver.