How does formic acid (under basic conditions) convert to CO2?

[ldv1452]

What is the mechanism that results in formic acid quickly converting to CO2. I know this happens under basic conditions so I'm assuming the first step is forming the formate ion.

 

[DDTea]

Best mechanism I can come up with is as follows:

-Hydroxide deprotonates formic acid to form formate ion and water molecule.
-Lone pair from oxygen migrates to form a C=O double bond. Simultaneously, the C-H bond breaks and the electron pair deprotonates a water molecule, reforming hydroxide and yielding the products: CO2 and H2.