The purpose of TBG5 is to deliver solutions and standards that lead to the simplification of international trade. With finance forming an integral and vital part of many trade transactions the group is widely consulted by the other industry vertical domains under the UN/CEFACT umbrella who are pursuing similar goals.
TBG5 is becoming more Corporate orientated and broadening out its membership to attract other industry vertical groupings, making TBG5 the focal forum allowing banks, corporates and others to collaborate on standards issues. It is hoped that this will create economies of scale and mitigate the need for so many ad-hoc groupings which so often can dilute resources and slow progress. The key points differentiating TBG5 are:
- The Corporate Reference Group (http://crg.tbg5-finance.org/)
is exceptional in the standards space in that few other internationally recognised groups bring together such a wide cross section of multi-national corporates and banks.
- The Corporate UN/EDIFACT messages are a valued source of documentation which encapsulates business process and market practice maintaining these and facilitating the migration to newer standards is vital.
- The role unifying the technological and the methodological standards used in the finance domain to interoperate and align with international trade domain standards, notably ISO15000 (ebXML).
- Scope to address security issues relevant to the finance industry from a business domain perspective and collaborate with the work of TC68 Sub Committee two, ISO/IEC Joint Technical Committee one and other groups such as the Object Management Group Finance domain task force.