Step by Step Instructions

Overview

Data interoperability and Digital Ecosystems are enabled by utilizing standardized data sets like XBRL and FDX that can be exchanged by project stakeholders for multiple purposes.

Most if not all the functionalities can be secured by contractors and stakeholders utilizing their own system with the simple import/export in XBRL as an option,  

The data sets have all the data elements for any bond document, and every bond document only uses the relevant data elements.

If the stakeholder does not have the funcitonalty in their system they can use the FISTech platform as a model for how their systems should be enabled.  

How to Replicate FISTech Platform Functionality 

From the FISTech platform you can generate and submit data to create or retrieve surety bonds and applications for payment.

Access to data is limited to stakeholders that are a party to the agreement and/or surety bond.

Only the principal or surety broker can create a surety record, and only the principal can execute.

Only the principal or obligee can create a payment application, and only the obligee can approve it.

FISTech platform can import surety bond or applications for payment data that is exported from any system that supports XBRL or FDX. 

Formation

All the entities engaged in a project form the digital ecosystem.

The Formation of Stakeholders Enables Digital Ecosystems

Digital Project Agreements as Data Sets Leverage Digital Ecosystems to Exchange Data

Digital Ecosystems are Continuously Formed by Project Stakeholders

Counter Party Formation

Individual Stakeholders engaged in the project are identified and their company and contact information secured to establish the Counterparty Formation Data Set

Agreement Formation

Stakeholders and key project details are identified for specific agreements to establish the Agreement Data Set

Surety Agreement Formation

Stakeholders are identified for specific surety bonds and the key data elements for the agreement secured

Surety Bond Data Set

Data from the:

• Counter Party Formation
• Agreement Formation
• Surety Agreement Formation

Application for Payment Data Set

Each moth the application for payment data elements are secured and made available to stakeholders as permissioned.

Once self-registration is enabled any stakeholder can register with fist tech platform and be connected to any related projects and or documents where they are a stakeholder

Companies we'll be able to establish a top administrator and an account administrator both with full access to edit contacts.

Each company will be required to have two contacts to fill these two roles so the event one leaves the company the remaining one can be responsive and update the records accordingly.

Once an account is set up the administrator will establish contacts.

Contacts can be individuals, whole offices or branches if that is more efficient for management of the FISTech platform.

Log into your system that administers applications for payment.

Follow the process to create an application for payment using the XBRL or FDX option.  

If your system does not have the functionality -

Once logged into FISTech you are able to access the applications for payment where you are a stakeholder.

As a stakeholder you will be able to click on any single payment application to view and/or retrieve by manual download or automated API.

The underlying premise of the FISTech model platform is to provide proof of concept for how open standards based data exchange can be accomplished with high integrity data utilizing digital ecosystems.

The digital ecosystem relies on open standards that are widely adopted to enable distributed data that is accessible and with the ability to aggregate but not duplicate storage.

Instead of seeking to create a master database that is virtually impossible to accomplish the digital ecosystem relies on data interoperability to exchange data without the need to store data.

Stakeholders that want to engage with the digital ecosystem simply have to map the identified data elements and data sets to XBRL, FDX, OB JSON or other recognized standard within their respective system for importing and exporting.

As more and more systems can import and export key datasets the transition to digital ecosystems will accelerate.

Based on your login you will be able to view and retrieve surety bond records where you are a counterparty

Based on your login as a Principal, you will be able to create a first payment request that pulls data from the counterparty company profiles, agreement and surety bond data sets to populate a good portion of the application data requirements.

If you are the prime contractor, the obligee/counterparty is the project owner

If you are a subcontractor or supplier, the obligee/counterparty is the prime contractor.

That application for payment is then available to the obligee to approve or communicate modifications for an approval that is mutually agreed upon.

Once the application for payment is authorized by the obigee, the data record is locked and cannot be edited.

Only authorized applications for payment are viewable or retrievable by other project stakeholders as their permissions provide.

Based on your login you will be able to view and retrieve applications for payment where you are a counterparty

Surety Capacity and IDEA conformation.

Pulls data from company profile

Bid Bond - Project Specific

Project Specific Bid bond - Pulls data from agreement and surety bond data sets

Bid Bond - Annual 

Annual Bid Bond the caves all projects - Pulls data from company profile

Performance and Payment Bond

Used when there are separate performance and payment bond forms

Performance bond only

Used when there is only a performance bond

Payment Bond only

Used when there is only a payment bond

Supply Bond

Used for supply contracts

Decommissioning Bond

Used for decommissioning - data from agreement and surety bond. 

Utility Guarantee Payment Bond

Used for utility guarantee payment bond - data from agreement and surety bond. 

PPA Performance and payment Bond.

Used for PPA performance and payment - data from agreement and surety bond. 

Surety and Insurance brokers that are registered on the FISTech platform can offer the platform to their customers that are registered.

Brokers can offer registration to their clients at no charge.

Currently in sand box development mode so the service is free as part of the development phase.

FISTech will eventually charge a transaction fee that is less than a typical FedEx or similar overnight service charge.

Business Case for Digital Bonds

The overnight delivery fee, expense to prepare the paper bond and the days it takes to secure wet signatures and delivery of fully executed bond.

     Versus

Minutes to complete the data entry and seconds to deliver.