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HomeTechOASIS Approves Universal Business Language V2.4 Standard for Global Business Transactions

OASIS Approves Universal Business Language V2.4 Standard for Global Business Transactions

OASIS Approves Universal Business Language V2.4 Standard for Global Business Transactions

IBM, Logius, Orbex Global Markets, Publications Office of the European Union, US DoD, and Others Advance Standard for Supply Chain and Digital Trade Efficiency

BOSTON, MA, USA, June 27, 2024 /EINPresswire.com/ — OASIS Open, the international open source and standards consortium, announced the approval of Universal Business Language (UBL) V2.4 as an OASIS Standard, a status that signifies the highest level of ratification. Developed by the UBL Technical Committee (TC), UBL V2.4 is the leading interchange format for business documents, revolutionizing global business transactions with its latest version.

The standard works seamlessly with frameworks like ISO/IEC 15000 (ebXML), extending the benefits of Electronic Data Interchange (EDI) systems to businesses worldwide. UBL V2.4 maintains backward compatibility with earlier V2.# versions while introducing new business document types, now totaling 93. The European Union has recognized UBL’s significance by declaring it officially eligible for referencing in tenders from public administrations.

“UBL 2.4 represents a significant advancement, featuring enhanced support for B2C transactions, which will greatly benefit businesses and consumers alike,” said Kenneth Bengtsson, Chair of the UBL TC. “Additionally, it offers improved alignment with U.S. tax models, ensuring compliance and facilitating smoother transactions. These enhancements reaffirm our commitment to evolving and adapting UBL to meet the ever-changing needs of global commerce.”

As global sustainability efforts increase, UBL will expand its utility to encompass circular data exchange, reflecting the evolving needs of modern commerce. Looking ahead to the development of UBL V2.5, the TC will integrate circular economy data elements, marking a transformative step towards embedding sustainability into global supply chain data exchange.

The UBL TC is forming a new UBL Commodities Subcommittee (SC), which aims to streamline electronic transactions for raw materials, recycled goods, and agricultural products in global supply chains, with the goal of improving efficiency, transparency, sustainability, and reliability in commodity markets. The SC will standardize UBL document types and semantic library entries for global commodity trading and procurement processes.

The UBL TC encourages global collaboration and actively seeks input from stakeholders to ensure the success of UBL as a cornerstone for sustainability data exchange. The TC welcomes a diverse range of contributors, including ERP vendors; software and service providers; national, regional and local public authorities; procurement and trade communities; e-invoicing networks; supply chain communities; and logistics and transportation companies. Participation is open to all through membership in OASIS, with interested parties encouraged to join and contribute to shaping the future of structured business document exchange. Contact [email protected] for more information.

About OASIS Open
One of the most respected, nonprofit open source and open standards bodies in the world, OASIS advances the fair, transparent development of open source software and standards through the power of global collaboration and community. OASIS is the home for worldwide standards in identity, IoT, cybersecurity, blockchain, privacy, cryptography, cloud computing, urban mobility, emergency management, and other content technologies. Many OASIS standards go on to be ratified by de jure bodies and referenced in international policies and government procurement. More information can be found at www.oasis-open.org.

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Originally published at https://www.einpresswire.com/article/723379553/oasis-approves-universal-business-language-v2-4-standard-for-global-business-transactions

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