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What is the difference between XBRL and FpML, Fix, FinXml. OFX, XML/EDI? Are all of these efforts needed?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 ankit agarwal asked over 2 years ago

What is the difference between XBRL and FpML, Fix, FinXml. OFX, XML/EDI? Are all of these efforts needed?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Prity answered over 2 years ago

What is the difference between XBRL and FpML, Fix, FinXml. OFX, XML/EDI? Are all of these efforts needed? All of these identified efforts with the exception of XBRL are transaction-oriented specifications for specific purposes. XBRL is reporting-oriented. All of these efforts are needed since they all serve different purposes.

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