Link - OASIS Universal Business Language
From the document:
The OASIS Universal Business Language (UBL) is intended to help solve these problems by defining a generic XML interchange format for business documents that can be extended to meet the requirements of particular industries. Specifically, UBL provides the following:
A library of XML schemas for reusable data components such as “Address,” “Item,” and “Payment” — the common data elements of everyday business documents.
A set of XML schemas for common business documents such as “Order,” “Despatch Advice,” and “Invoice” that are constructed from the UBL library components and can be used in generic procurement and transportation contexts.
A standard basis for XML business schemas provides the following advantages:
Lower cost of integration, both among and within enterprises, through the reuse of common data structures.
Lower cost of commercial software, because software written to process a given XML tag set is much easier to develop than software that can handle an unlimited number of tag sets.
An easier learning curve, because users need master just a single library.
Lower cost of entry and therefore quicker adoption by small and medium-size enterprises (SMEs).
Standardized training, resulting in many skilled workers.
A universally available pool of system integrators.
Standardized, inexpensive data input and output tools.
A standard target for inexpensive off-the-shelf business software.