HEERLEN, July 2015 – Through the CogNIAM Finance joint venture, PNA is helping the Focafet Foundation to set up a uniform protocol for world economic transactions: the Uniform Economic Transaction Protocol (UETP). This is being developed in co-creation with several parties, including governments, multinationals and newconomy thinkers.

Millions of cross-border transactions take place every day and that number is only increasing. Every country has its own transaction language, with all of its associated communication problems. Barcodes, and bank-, identity- and reference numbers are aids to allowing these different languages to communicate with each other. But these remain separate data flows and that is very inefficient. With the development of UETP, the Focafet Foundation is combining transactions through a sort of secure ‘group chat’. In this way, all parties involved in the transaction automatically get the data relevant to them. All sorts of transactions are linked to each other through the entire chain.

“You could regard UETP as a common language for economic transactions throughout the world,” says Floris Kleemans, the founder of the FocafetFoundation. “Our biggest challenge in this project is communication and a clear, uniform transfer of knowledge. CogNIAM Finance is better equipped than any to create a clear language with concepts that are understandable for all users. They understand very well that it’s all about knowledge and not about format. CogNIAM Finance doesn’t ask, ‘How should information be delivered?’ but ‘What should that information be?’ We’ve only been operating for a year but UETP is known already. And that’s everything to do with the fact that people identify with how CogNIAM Finance describes the transactions.”

The first test version of UETP was launched in March 2015. Ideas from the community were accessed through a co-creation platform. These ideas lead to practical input for the protocol and for implementation. “CogNIAM Finance structures and assesses the ideas from the community and the knowledge from existing standards,” says Johan Saton, project leader at CogNIAM Finance. “We do this on the basis of the cogNIAM® classification principle. We create all output documentation for the protocol with the UETP team, in which our direct link with the OMG and ISO comes in very useful. Here we have to cope with more than just 50 ISO and other world standards; without clear knowledge modeling, that couldn’t be structured.”

The community is growing. There are already many small and large organizations in various sectors involved such as ABN AMRO, Hewlett Packard, PwC, Geodan, GS1, TNO, Atradius and a number of Dutch ministries. The first working protocol will be ready in the autumn of 2015.

To know more, see: www.focafet.org.