Applications of information technology

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Sustainable FinTech (ISO/TC322 TAG Sustainable FinTech)

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One of the projects of the Sustainable Finance Committee is the integration of FinTech. An Abstract below:

The Sustainable FinTech TAG aims to integrate FinTech with financial sustainable development (e.g. environmental, social/societal,  governance issues, specific sustainable development goals) via the following strategic goals:

  • Liaison / collaboration function with other groups (mainly but not exclusively inside ISO). This function should work closely with TAG 1 in ISO/TC 68 Financial Services. As pointed in TAG1 TC68 Terms of Reference: “TAG enables a proactive dialogue with FinTechs on financial services standards matters and acts as a portal in which the FinTechs community can discuss their standard’s needs. The FinTech TAG provides FinTechs a means to cooperate, exchange views and share information related to standards on a regular basis” (the TC322 TAG has a focus on Sustainable Finance).
  • To support and engage FinTech experts and TC 322 committees/working groups. The goal is to build in as part of the sustainable finance agenda, a tech savvy culture that helps develop “standards for the future”.
  • This function will also work closely with TAG1 TC68 “to support and engage with the Fintech community on standards requirements, for the effective and efficient use and development of standards to support FinTechs and the broader financial services industry”.

The term FinTech is a portmanteau of the terms “finance” and “technology” and refers to any business that uses technology to enhance or automate financial services and processes. Similar to TAG1 in TC68, Sustainable FinTech “aims to increase customer benefits in terms of usability, efficiency, transparency and automation” but in addition with the focus on integrating sustainability/sustainable development aspects of financial/financing activities, in particular products and services.

(Source: https://committee.iso.org/sites/tc322/home/projects/ongoing/sustainable-fintech.html)

Trending Technologies in Financial Services

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Emerging Fintech

Some months ago a blog written in MakeanappLike listed 10 Emerging Technologies in Financial Services:

  1. Blockhain
  2. Machine Learning
  3. RPA 
  4. Artificial Intelligent
  5. Chatbot for Banking and Finance
  6. Smart Contracts
  7. Digital banking
  8. Big data management
  9. Sensors and Internet of Things
  10. Python
  11. Predictive Behaviour Analytics
  12. Java

To read more about it have a look here: https://makeanapplike.com/trending-technologies-in-financial-services-industry-fintech-trends/

Nanotechnologies - Guidance on methods for nano- and microtribology measurements

The standard establishes techniques for the evaluation of tribological performance of sliding contacts with a lateral size of between a few nanometres and 10 µm, and where the applied load is between 50 µN and 100 mN. It describes procedures for undertaking these measurements, and provides guidance on the effect of parameters on test results. It does not cover existing SPM techniques, such as frictional force microscopy and atomic force microscopy (AFM).

Information and documentation — A reference ontology for the interchange of cultural heritage information

ISO 21127:2014 establishes guidelines for the exchange of information between cultural heritage institutions. In simple terms, this can be defined as the information managed by museums, libraries, and archives.

The intended scope of this ISO 21127:2014 is defined as the exchange and integration of heterogeneous scientific documentation relating to museum collections. This definition requires further elaboration.

ISO 21127:2014

IEEE Standard for Local and Metropolitan Area Networks--Link Aggregation

Link Aggregation allows parallel point-to-point links to be used as if they were a single link and also supports the use of multiple links as a resilient load-sharing interconnect between multiple nodes in two separately administered networks. This standard defines a MAC-independent Link Aggregation capability and provides general information relevant to specific MAC types.

IEEE Standard for Local and metropolitan area networks-Virtual Bridged Local Area Networks-Bridge Port Extension

This standard specifies the operation of Bridge Port Extenders, including management, protocols, and algorithms. Bridge Port Extenders operate in support of the MAC Service by Extended Bridges.

IEEE Standard for Local and metropolitan area networks-Bridges and Bridged Networks

This standard specifies how the Media Access Control (MAC) Service is supported by Bridged Networks, the principles of operation of those networks, and the operation of MAC Bridges and VLAN Bridges, including management, protocols, and algorithms.

IEEE Standard for Local and metropolitan area networks - Media Access Control (MAC) Service Definition

The MAC Service and the Internal Sublayer Service (ISS) are defined in this standard. This standard specifies media-dependent convergence functions that map IEEE 802(R) MAC interfaces to the ISS. The MAC Service is derived from the ISS. 

Information technology — Message Queuing Telemetry Transport (MQTT) v3.1.1

ISO/IEC 20922:2016 is a Client Server publish/subscribe messaging transport protocol. It is light weight, open, simple, and designed so as to be easy to implement. These characteristics make it ideal for use in many situations, including constrained environments such as for communication in Machine to Machine (M2M) and Internet of Things (IoT) contexts where a small code footprint is required and/or network bandwidth is at a premium.

The protocol runs over TCP/IP, or over other network protocols that provide ordered, lossless, bi-directional connections. Its features include:

Use of the publish/subscribe message pattern which provides one-to-many message distribution and decoupling of applications.
A messaging transport that is agnostic to the content of the payload.
Three qualities of service for message delivery:
"At most once", where messages are delivered according to the best efforts of the operating environment. Message loss can occur. This level could be used, for example, with ambient sensor data where it does not matter if an individual reading is lost as the next one will be published soon after.
"At least once", where messages are assured to arrive but duplicates can occur.
"Exactly once", where message are assured to arrive exactly once. This level could be used, for example, with billing systems where duplicate or lost messages could lead to incorrect charges being applied

ISO/IEC 20922:2016

Industrial-process measurement and control - Data structures and elements in process equipment catalogues - Part 1: Measuring equipment with analogue and digital output

IEC 61987-1:2006 defines a generic structure in which product features of industrial-process measurement and control equipment with analogue or digital output should be arranged, in order to facilitate the understanding of product descriptions when they are transferred from one party to another. It applies to the production of catalogues of process measuring equipment supplied by the manufacturer of the product and helps the user to formulate his requirements.

IEC 61987-1:2006

Function blocks - Part 1: Architecture

IEC 61499-1:2012 defines a generic architecture and presents guidelines for the use of function blocks in distributed industrial-process measurement and control systems (IPMCSs). This architecture is presented in terms of implementable reference models, textual syntax and graphical representations. The models given in this standard are intended to be generic, domain independent and extensible to the definition and use of function blocks in other standards or for particular applications or application domains.

IEC 61499-1:2012