Apply FIBO to Trade Finance related VCs

[OR13]

https://spec.edmcouncil.org/fibo/

1. What credential types might benefit from FIBO?

2. What terms does FIBO define that might be useful to existing credentials?

[fkim7]

It would be great to get FIBO VCs related to

1. Customer bank card/account and details about the customer some ex
   https://spec.edmcouncil.org/fibo/ontology/FBC/ProductsAndServices/ClientsAndAccounts/CustomerAccount
   https://pending.schema.org/BankAccount
2. Financial Institution and its details
   https://spec.edmcouncil.org/fibo/ontology/BE/LegalEntities/LegalPersons/

There may be better examples, but ultimately looking for some finance related VCs to identify consumers and institutions to help increase adoption in the SSI community. Banks are looking for digital currency solutions, which requires a cryptographic key based digital identity solution that can adhere to financial regulations. SSI is a great fit for this, especially when privacy is of utmost importance when it comes to financial transactions with selective disclosure, ZKPs, etc, held/controlled by the subject.

[OR13]

Next step is to identify any RDF Classes that we are currently defining related to finance, and see if FIBO is a better solution for them.

[mkhraisha]

Looking for someone to be assigned to this issue.

[OR13]

https://spec.edmcouncil.org/fibo/ontology/SEC/Debt/Bonds/

[OR13]

@fkim7 please add an example if you are able.

[fkim7]

Sure- it's a work in progress and will get it to you in the YAML format as requested but here's an example. The fields were chosen based on the minimum requirements of the Travel Rule from FinCEN and FinTRAC but open to suggestions.

https://www.fincen.gov/sites/default/files/advisory/advissu7.pdf
https://www.fintrac-canafe.gc.ca/guidance-directives/transaction-operation/travel-acheminement/1-eng

  "@context":[
      "https://www.w3.org/2018/credentials/v1",
      "https://knox-networks.github.io/schema/bankaccount/v1.jsonld"
   ],      
   "id":"1111111",
   "type":[
      "VerifiableCredential",
      "BankAccount"
   ],
   "issuer":"did:knox:z6Mkv9L4S8FQ3qcu8UqG8NFHt5LKcfzPeLvPJB7uW5vrp3WF",
   "issuanceDate":"2022-04-11T16:36:24Z",
   "credentialSubject":{
      "accountId":"1111111",
      "street":"19 Knox St",
      "region":"ON",
      "locality": "Toronto",
      "BIC11":"TDOMCATTTOR",
      "country":"Canada",
      "familyName":"Smith",
      "givenName":"Alice",
      "id":"did:knox:z6Mk2cd21e9abe57fae7f62cf07e7be5931073da1b522790e63834fe17a4c2be",
			"iban": "GB74GSLD04296280001319",
			"routingInfo": {               		                            
				"code": "GBDSC",
				"value": "042962"
			}, 
    "type":[
       "BankAccount"
    ]
   },
   "proof":{
      "type":"Ed25519Signature2020",
      "created":"2022-04-11T16:36:24Z",
      "verificationMethod":"did:knox:z6Mkv9L4S8FQ3qcu8UqG8NFHt5LKcfzPeLvPJB7uW5vrp3WF#z6Mkv9L4S8FQ3qcu8UqG8NFHt5LKcfzPeLvPJB7uW5vrp3WF",
      "proofPurpose":"assertionMethod",
      "proofValue":"z4xTXcWHhZY8oXCXTKSw3N9qmRKjQAUUVbNnQz1FqKCAYiGieYohBRcSKGK9YcBuKqyqzjbaohmtMZBAenC9huBJ"
   }       
}

[OR13]

Credential Type

"type":[
      "VerifiableCredential",
      "BankAccountCredential"
   ],

Credential Subject Type

"type":[
       "BankAccount"
]

Seems like it would be pretty trivial to map these to yaml files, based on these links as examples:

A credential schema:

• https://github.com/w3c-ccg/traceability-vocab/blob/main/docs/openapi/components/schemas/credentials/EventCredential.yml

A credential subject type schema:

• https://github.com/w3c-ccg/traceability-vocab/blob/main/docs/openapi/components/schemas/common/Brand.yml

[fkim7]

PR for review https://github.com/w3c-ccg/traceability-vocab/pull/647/files

• Grouped address together, and renamed the fields as to align with others from traceability-vocab.

[nissimsan]

We did the FIBO schema, but are not using any FIBO terms (all self-defined under traceability).

[fkim7]

Perhaps the title of the ticket can be adjusted- We initially wanted to define a spec using standard field names used in banking, and assumed FIBO would be it. We were since able to cite sources like FinCEN and FINTRAC and found that FIBO had more info than required and our goal was to have the minimal amount of PII required to pass financial compliance checks. We also checked that the data defined in this VC also supports ISO-20022 data requirements, in particular mapping to PACS.008 and PAIN.013.

Please advise also if there are any fields missing for compliance- We are actively talking to banks outside of North America as well and will be sure to come back with updates as required.

[OR13]

@fkim7 can you make any suggestion that we could use to drive this issue towards ready for PR?

specifically any term definitions you think would be better served by another ontology.

[fkim7]

Actually the PR for this was merged already #647. Can we link it to this issue? I don't have access...

Perhaps the title can be adjusted to something like "Add BankAccount Credentail"- We didn't end up referring to FIBO as we wanted to capture the absolute minimum amount of PII for financial compliance, so we took the minimum from FinCEN and FINTRAC instead.

[nissimsan]

Hi @fkim7,

I don't see any term definitions on #647 though?

For example:

$linkedData:
  'term': 'BankAccount'
  '@id': 'https://w3id.org/traceability#BankAccount'

This does not seem right. There MUST be an existing, prevalent definition for bank account out there. It just cannot be necessary to "invent" a new term for this. Might you know of existing, established financial vocabularies which we can reference instead?

[nissimsan]

Noting that https://spec.edmcouncil.org/fibo/page/vocabulary requires "download" behind a paywall... Useless. There must be better, open (and thereby useful) alternatives.

[fkim7]

Hi @fkim7,

I don't see any term definitions on #647 though?

For example:

$linkedData:
  'term': 'BankAccount'
  '@id': 'https://w3id.org/traceability#BankAccount'

This does not seem right. There MUST be an existing, prevalent definition for bank account out there. It just cannot be necessary to "invent" a new term for this. Might you know of existing, established financial vocabularies which we can reference instead?

Thank you for clarifying. Some potential options I would love to get your thoughts on:

BankAccount- https://pending.schema.org/BankAccount- Note there are not many or any fields in this schema we would need at this time except for identifier derived from Thing
AccountId-https://schema.org/identifier. This is generic and could be used for BIC11 and iban too. I also found https://schema.org/accountId but this is not ideal IMO as this is meant for Invoice.
For BIC11, iban, routingInfo - Reaching out to some contacts at SWIFT (Society for Worldwide Interbank Financial Telecommunications) to see if they want to collaborate and publish these as ISO20022 schemas that can be used as term definitions.

[mkhraisha]

@nissimsan Please respond

[TallTed]

Maybe some of what is found here?