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Benefits & Application Examples of OPEN EDI Standards development 1/27/04 MISMO REPI Meeting PowerPoint Presentation
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Karl Dattar AppraisalTrac/Dattar Systems, Inc 01/23/2004. Benefits & Application Examples of OPEN EDI Standards development 1/27/04 MISMO REPI Meeting. Overview. Address some of the not so obvious considerations for qualifying an EDI standard as genuinely OPEN

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karl dattar appraisaltrac dattar systems inc 01 23 2004
Karl Dattar

AppraisalTrac/Dattar Systems, Inc

01/23/2004

Benefits & Application Examples of OPEN EDI Standards development 1/27/04 MISMO REPI Meeting
overview
Overview
  • Address some of the not so obvious considerations for qualifying an EDI standard as genuinely OPEN
  • Success cases of OPEN EDI standards
  • Where are we with OPEN EDI standards for Appraisal ?
  • Are the stars aligned for an OPEN Appraisal Standard?
  • Why MISMO REPI?
  • Tangible benefits to Lenders and Service Providers
open edi standard technical considerations
OPEN EDI Standard Technical Considerations
  • Non-proprietary definitions and documentation for the phases of EDI
    • Transport
    • Session & Conversation Management
    • Content Format & Interpretation
    • General Error handling
  • Reasonable ability to implement standard on Operating System of choice without reliance on third party plug-ins or proprietary extensions
  • Standard should be owned/managed by an independent body that has committed the standard to the public domain
    • Allows standard to change and evolve for the universal benefit of all
open edi standard business considerations
OPEN EDI StandardBusiness Considerations
  • No dependency on the ongoing existence of third-party entity(s)
  • No liability to “switching horses mid-stream”
    • Proprietary standards tend to cripple a business by locking them into a particular vendor’s technology thereby making future business changes difficult
    • Intellectual Property Issues
  • Freedom to implement standard through internal IT resources or third party providers
  • Freedom from complicated licensing issues and dueling Non-Disclosure Agreements
examples of open edi standards for b2b process automation
Examples of Open EDI Standards for B2B Process Automation
  • US Customs ABI (Automated Broker Interface)
    • www.cbp.gov/xp/cgov/import/operations_support/automated_systems/abi
  • Healthcare Insurance Portability and Accountability Act (HIPAA)
    • http://aspe.hhs.gov/admnsimp/index.shtml
  • Financial Information Exchange (FIX) Protocol
    • www.fixprotocol.org
  • Email (SMTP - Technically a transport protocol)
    • www.ietf.org
  • And many more ….
are we there yet
Are we there yet?

In light of the Technical & Business Considerations for qualification of a genuinely OPEN EDI standard discussed earlier,

We are still without an OPEN EDI standard for Appraisal

what is different today technical issues
What is different today?Technical Issues
  • The Internet Effect:
    • Information Technology has become a commodity
    • Barriers to technology acquisition have been reduced
    • Easy access to Technical Knowledge
  • XML
    • A wealth of development tools for XML
    • XML platform independence
    • XML is psychologically a better fit
    • Web Services based on WSDL - Web Services Descriptor Language (WSDL < > Web Site)
      • Automated discovery & interaction of data services
what is different today business issues
What is different today? Business Issues
  • Myriad success cases attributed to OPEN Standards and OPEN Standards organizations:
    • W3C (e.g., HTML)
    • IETF (e.g., SMTP)
    • FIX PROTOCOL
    • MISMO
  • Investments in OPEN Standards provide business cost savings without the ball and chain
    • Investments in Proprietary Standards are a dead-end investment in the typical business environment
why mismo
Why MISMO ?
  • MISMO’s mission is to develop, promote, and maintain voluntary electronic commerce standards for the mortgage industry - making them an ideal and unique candidate
    • You know who they are and where they stand
  • Several workgroups under the MISMO umbrella are addressing EDI Business Process Automation for this industry
  • One Stop shop for lenders and service providers for OPEN EDI standards
mismo repi workgroup
MISMO REPI Workgroup

Standards are based on platform independent XML

  • Property XML
    • Status: Release Candidate (Almost there)
  • Appraisal XML
    • Status: Release Candidate (Almost there)
  • Appraisal Fulfillment XML
    • Status: Close to submission to core for initial review
mismo repi workgroup tangible benefits for lenders service providers
MISMO – REPI WorkgroupTangible benefits for Lenders & Service Providers
  • Freedom to develop IT infrastructure internally or outsource per YOUR business budget and requirements
  • A Complete EDI specification to interact with YOUR service providers and vice versa
  • Freedom to alter YOUR business models and operations without being tied to proprietary standards