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TBG 5 Plenary
TBG 5 Plenary Introduction
UN CEFACT TBG5 is the standards organization responsible for financial services under the United Nations Centre for Trade facilitation and Electronic Business, (UN/CEFACT) under the United Nations Economic Commission for Europe (UNECE). As an International Trade & Business Processes Group (TBG), TBG5 is the working group specializing in the Finance Domain. UN CEFACT is the global standard setting body for Electronic Business using Extensible Markup Language (ebXML) and is intended to establish the standard for all Extensible Markup Language(XML). Therefore UN CEFACT TBG5 is the global standard setting body for XML for the financial services industry worldwide.
The mission of TBG5 is to enable end-to-end straight-through processing (End to End (E2E) Straight Through Processing (STP) of financial services data and to establish standards and requirements for the exchange of such data. As financial services involve the movement of money and the movement of money occurs in every industry, financial services standards can impact every industry in the world. Therefore, requirements must be identified from all the parties involved in each business transaction, as viewed in its entirety rather than in the distinct phases through which it may be carried out.
Past standards created by TBG5 include such important items in everyday use such as the EDIFACT standards for the payment domain. UN/EDIFACT is the international EDI standard. The acronym stands for United Nations/Electronic Data Interchange For Administration, Commerce, and Transport. The work of maintenance and further development of these payment standards is done through TBG5. EDIFACT has been adopted as a global standard by the International Organization for Standardization (ISO) as ISO 9735.
Other standards created by TBG5 include CREMUL, DEBMUL, DIRDEB, FINCAN, FINSTA and PAYMUL.