Model of interoperable e-business of payment systems based on ontologies

Abstract

This paper presents development of model for interoperable e-payment systems based on ontologies and REA (ISO/IEC 15944-4:2007) ontological system structure. The study discusses referent models for information exchange and global standards for financial industry. Relations and interactions among payment systems of legal and physical entities on one side, and payment system of central bank on the other can be managed through standardized system structure, i.e. model and description of payment systems behaviour regardless of payment instrument that initiated transaction. The paper describes different components of interoperable systems: database objects, procedures, business logic objects, model of data for determining IO components, and user interface control.