FIRE Data pre-launch presentation

The event will introduce the open source FIRE project to the wider community, its scope and why a common data format is crucial for an open, robust and stable global financial system.

About the FIRE project

Financial Regulations ultimately require every firm to collect certain data points with specific definitions. As these requirements have evolved and developed over time, the gap between legislation and IT has widened with each institution independently deciding how granular data needs to be collected.

So if, for example, you want to start a new bank and issue a mortgage, there is no readily accessible technical documentation for all the fields you need to record for a mortgage and what values those fields can take. As such, every firm collects and stores this data in a different format with different definitions which make data exchange between firms, central banks, regulators, internal and external IT systems a manual and error-prone ETL process. In other words, the industry is missing a standardised data schema.

Suade decided to leverage on their regulatory expertise to initiate an open source data schema project based on required financial regulatory data to help the industry exchange data and remove the integration burden for new and existing FinTech companies. Over the past few months Suade has been receiving input from financial industry players who support the initiative and agree that a standard will allow for more transparency and data to be shared within and ultimately benefit consumers.