Algebraic specification of a language for describing financial products

We report on the use of fonnal methods and supporting tools during the development of a language applied in a banking environment. This language, called RISLA. is used to define the nature of the interest products offered by a bank. A RISLA description fixes the cash flows (amounts of money coming in or going out on particular dates) resulting from a product. and is used to generate COBOL code. The language has been developed with the use of algebraic specifications, the role of which is discussed. Note: An extended abstract appeared under the same title in M. Wirsing (editor), Proceedings of the ICSE-17 Workshop on Formal Methods Application in Software Engineering Practice. Seattle. April 1995.

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