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Abstract

The financial services industry has long been a driver for technology innovation. Volatile regulations, increased demands for compliance, and a requirement for transparency necessitate the ability to quickly create and efficiently manage decisions. A key component will certainly be the ability to develop services or disseminate decisions in a consistent, unambiguous and transparent fashion. Reliance on traditional software platforms will not meet this need. Open, API-based architectures able to rapidly evolve and share are critical.

MISMO – the Mortgage Industry Standards and Maintenance Organization – recently announced the official recommendation for the use of the Decision Model and Notation (DMN) standard for documentation, implementation, execution and exchange of business rules and decisions across the mortgage industry.

This presentation focuses on the integration of existing business data standards in the mortgage industry (MISMO) with technology standards (DMN, BPMN) to enable a powerful approach to handling Fintech and Regtech solutions. “Decisions as a Service” will become a primary delivery model to facilitate the creation and deployment of powerful APIs and microservices. Decisions enable a business-driven approach to develop and deploy the capabilities as services will allow consumers to get custom automation.

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