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UN/CEFACT TBG5 is the entity responsible for financial services under the United Nations Centre for Trade facilitation and Electronic Business, (UN/CEFACT) under the United Nations Economic Commission for Europe (UNECE).
As an International Trade & Business Processes Group (TBG), TBG5 is the working group specializing in the Finance Domain its mission is to enable end-to-end straight-through processing (End to End (E2E) Straight Through Processing (STP) of financial services data and to establish standards and requirements for the exchange of such data.
TBG5 delivers solutions and standards that lead to the simplification of international trade. With finance forming an integral and vital part of many trade transactions the group is widely consulted by the other industry vertical domains under the UN/CEFACT umbrella who are pursuing similar objectives.
TBG5 is positioned as the co-ordination point between pure Financial Services standardisation, which takes place under ISO Technical Committee 68, and that of the wider trade domains represented under UN/CEFACT. The key objective in this respect is to offer interoperability, and indeed in the longer term convergence, between standards and solutions offered by either of these bodies. TBG5 has become more corporate-oriented by broadening out its membership to attract other industry vertical groupings, making TBG5 the focal forum allowing banks, corporates and others to collaborate on standards issues.
Past standards created by TBG5 include such important items in everyday use such as the EDIFACT standards for the payment domain. UN/EDIFACT is the international EDI standard. The acronym stands for United Nations/Electronic Data Interchange For Administration, Commerce, and Transport. The work of maintenance and further development of these payment standards is done through TBG5. EDIFACT has been adopted as a global standard by the International Organization for Standardization (ISO) as ISO 9735.
Other standards created by TBG5 include CREMUL, DEBMUL, DIRDEB, FINCAN, FINSTA and PAYMUL.