Northern Trust Collaborates with Industry Peers to Strengthen Data and AI Interoperability

Key Terms

open source technical

Open source means the underlying software code is made publicly available so anyone can inspect, copy, change, or reuse it, similar to sharing a recipe so others can tweak and improve it. Investors care because open source can lower a company’s development costs, speed innovation through community contributions, and increase adoption, but it also affects how a business makes money and can introduce licensing or support risks that influence value.

semantic data framework technical

A semantic data framework is a system that gives data clear, consistent meanings and shows how pieces of information relate to each other, like a labeled map that helps different datasets connect and make sense together. For investors, it makes company data easier to combine, compare and analyze quickly—improving forecasting, spotting risks or opportunities, supporting automation and regulatory reporting, and helping management turn raw numbers into reliable decisions.

semantic model framework technical

A semantic model framework is a structured way to organize and label data so computers can understand relationships and meanings much like a well-labelled map helps a traveler find routes. For investors, it turns messy financial, regulatory or clinical information into consistent signals that can be searched, compared and analyzed automatically, improving research efficiency, risk detection and the quality of data-driven decisions.

AI agents technical

AI agents are computer programs designed to perform tasks or make decisions automatically, often by learning from data and adapting to new information. They act like virtual assistants or robots that can handle complex activities without human intervention, which can help businesses and individuals save time and improve efficiency. For investors, AI agents matter because they can enhance decision-making and automate processes that influence markets and financial outcomes.

open architecture technical

Open architecture is a flexible design approach that allows a financial platform or service to include a wide variety of investment options from different providers, rather than being limited to a single company's products. For investors, this means more choices and the ability to customize their investments to better suit their needs, much like a store that offers products from many brands rather than just one.

vendor-neutral technical

Vendor-neutral describes products, systems, or standards that are not tied to a single supplier, allowing different companies’ offerings to work together or be swapped without major changes. For investors, vendor-neutral solutions reduce the risk of costly vendor lock-in, support competition and easier upgrades, and can protect value by making a business more flexible and less dependent on one supplier—similar to buying furniture that fits any room rather than a custom built-in.

interoperability technical

Interoperability is the ability of different systems, devices, or software to work together smoothly and share information easily. It matters to investors because it enables more efficient operations, better data sharing, and faster decision-making across various platforms or technologies. When systems are interoperable, they can connect and communicate as if they were part of a single, unified system, reducing complexity and increasing overall effectiveness.

autonomous execution technical

Autonomous execution is when computer programs automatically place and manage buy or sell orders in financial markets without direct human control, acting like a self-driving car for trades. It matters to investors because it can execute orders faster and at lower cost, reduce human errors, and respond to market moves instantly, but it can also amplify losses or market volatility if the software misbehaves or encounters unexpected conditions.

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Led by Snowflake, the Open Semantic Interchange creates a universal semantic data framework that helps financial firms use data and AI more effectively.

CHICAGO--(BUSINESS WIRE)-- Northern Trust today announced at Snowflake’s annual user conference, Snowflake Summit 26, that it is a founding member of the Financial Services Working Group under Open Semantic Interchange (OSI).

OSI is an open source initiative designed to help organizations work from shared, consistent data definitions. While a universal format provides the structural blueprint, the true value lies in contextualizing data to reflect the unique nuances of specific industries - a movement being led by the financial services sector.

In financial services, similar data - such as accounts, transactions, or market information - is often defined in different ways across firms. Convening financial institutions and technology partners, the OSI Financial Services Working Group will focus on harmonizing this fragmented data through an open, industry-neutral semantic model framework.

“OSI matters because it’s built with our peers, not defined in isolation,” said Jez Davies, Chief Information Architect at Northern Trust. “By co-creating industry standards, we’re laying the foundations for the Agentic future, enabling AI to reason across data in ways that are accurate, auditable and reproducible, while allowing our clients to seamlessly consume the same underlying semantic models.”

This specialized effort ensures that proprietary institutional data and third-party market intelligence share a consistent logical layer, enabling AI agents to navigate with precision, grounding, and scale that is essential for the Agentic Era. Through its participation, Northern Trust is helping advance shared data standards to improve interoperability across the financial ecosystem and support a common understanding among institutions, clients, and technology providers.

“Open architecture is central to how we help clients operate in an increasingly complex data and technology environment,” said Kelley Conway, Chief Data and Analytics Officer at Northern Trust. “By establishing shared industry data standards, we’re making it easier for clients to integrate the tools and technologies they choose, while ensuring their data remains consistent, reliable, and ready to support AI-driven insights.”

“Unlocking the next era of financial services requires moving beyond data access to a foundation of autonomous execution, and the Open Semantic Interchange is the critical link in that evolution,” said John Heisler, Head of AI for Financial Services, Snowflake. “By establishing a vendor-neutral semantic standard with collaborators like Northern Trust, we are ensuring that AI agents across the ecosystem ground on the same foundational meanings. This shared vocabulary is essential for eliminating semantic friction, meeting rigorous global compliance, and enabling the high-conviction, agentic workflows that will define the future of the industry.”

OSI is poised to transform interoperability within the data and AI ecosystem by providing a transparent, community-driven standard. This collaborative effort under the OSI umbrella establishes the grounded context essential for the next frontier on innovation.

To learn more about the Open Semantic Interchange visit Snowflake’s blog here.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking services to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2026, Northern Trust had assets under custody/administration of US$18.6 trillion, and assets under management of US$1.8 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260603257549/en/

Laura Hayes
lh232@ntrs.com

Source: Northern Trust