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Re: [ontolog-forum] Modeling a money transferring scenario

To: "'[ontolog-forum] '" <ontolog-forum@xxxxxxxxxxxxxxxx>
From: "doug foxvog" <doug@xxxxxxxxxx>
Date: Fri, 7 Jan 2011 21:35:25 -0500 (EST)
Message-id: <64241.>
On Thu, January 6, 2011 14:17, Rich Cooper said:
> Doug, Selchuck, et al,
> Every money transaction is based on purchasing something    (01)

There are many other sorts of money transactions:
* Transactions between accounts of the same entity
* Monetary gifts
* Taxes (other than sales taxes)
* Fines
* Loans    (02)

> whether product or
> service, for consumption, investment or entertainment.  Any effective
> record
> of that transaction can be ontologized, but there is a problem in
> specifying
> exactly what it was that was
> <purchased/leased/rented/chartered/contracted>.    (03)

This would be either goods, services, or some combination of the two.
Martin Hepp's Good Relations ontology covers much of this topic.    (04)

> Without both sides of the transaction being ontologized, its only value is
> for recording income and expense for taxes.
> To be commercially effective, the thing that is acquired must also be
> described in detail so that the price of one source can be compared with
> the
> price for the identical (or similar) thing from a different source.    (05)

For purchasing ontologies, sure.  There are many code sets for such things.
See the various Electronic Data Interchange (EDI) messaging code sets.
Those which haven't yet been ontologized, can certainly be so coded.    (06)

Commerce has been happy with these code sets for decades, so there
should be little problem with their coverage.    (07)

-- doug foxvog    (08)

> That will be a big obstacle to recording the transaction as it actually is
> represented in the buyer and seller's semantic models.
> -Rich
> Sincerely,
> Rich Cooper
> EnglishLogicKernel.com
> Rich AT EnglishLogicKernel DOT com
> 9 4 9 \ 5 2 5 - 5 7 1 2
> -----Original Message-----
> From: ontolog-forum-bounces@xxxxxxxxxxxxxxxx
> [mailto:ontolog-forum-bounces@xxxxxxxxxxxxxxxx] On Behalf Of doug foxvog
> Sent: Thursday, January 06, 2011 11:03 AM
> To: [ontolog-forum]
> Subject: Re: [ontolog-forum] Modeling a money transferring scenario
> On Thu, January 6, 2011 7:29 AM, Selcuk Bozdag said:
>> Hi ontologs,
>> I would like to get your ideas about modeling a financial
>> organization's (e.g. a bank)  money transaction ontology using OWL
>> (1). Suppose that a bank wants to track the accounts of the customers
>> in order to determine anomalies, fraud issues or just to ensure that
>> everything is OK at the end of the day. I have come up with a solution
>> which caused a discussion among my colleagues mostly ended with a
>> disagreement. Right below I am giving only a clipped portion of the
>> draft ontology at a glance.
>> The absolute classes(i.e. concepts) are Bank, Money, Customer and
>> Account. When it comes to represent a money transfer between two
>> accounts, I suggested to create another class named "MoneyTransfer" on
>> which one can create object properties such as transferDate, amount
>> etc. On the flip side, others put the MoneyTransfer class aside and
>> preferred to create an object property named "transfersMoney" which
>> has a domain and range of Account. However it is obvious that
>> transfersMoney property is just a relation between to individuals
>> representing none of the date and amount information.
> There should be many things that can be said about individual money
> transfers: date; amount transferred; origination and destination
> accounts; originator; statuses such as fee (of what type), auto debit,
> refund, ...; legal jurisdiction (and thus set of governing regulations);
> currency of transfer, etc.  This certainly suggests that the individual
> transactions should be individuals in the knowledge base.
> There should be a hierarchy of types of monetary transactions, with
> inter-account transfers being a subclass of both
> MonetaryTransferIntoAccount
> and MonetaryTransferOutOfAccount.  A transfer with the payer and payee
> being the same should be a separate class of money transfer since
> different reporting regulations would apply.
> -- doug foxvog
>> I would greatly appreciate if you could explain your point of view and
>> show me what the alternatives could possibly be. I also would be
>> thankful if you refer any other ontology regarding that issue.
>> Cheers,
>> Selcuk
>>    (09)

doug foxvog    doug@xxxxxxxxxx   http://ProgressiveAustin.org    (010)

"I speak as an American to the leaders of my own nation. The great
initiative in this war is ours. The initiative to stop it must be ours."
    - Dr. Martin Luther King Jr.
=============================================================    (011)

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