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IFX Specification Version 1.2 Available for Public Review

The Interactive Financial Exchange Forum Announces the Availability of IFX Specification Version 1.2 for Public Review

Alexandria, VA, USA. September 20, 2001.

The Interactive Financial eXchange (IFX) Forum, in order to encourage public and open participation in standards development for financial services, is proud to announce the availability of the latest version of the IFX Specification, Version 1.2 for public review.

IFX v1.2 provides an XML-based communication protocol that enables the exchange of information among financial institutions, financial institutions and their customers, and financial institutions and their service providers.

"The test of any true open standard is whether the public at large has a voice in the process and content that is developed. IFX is and always has stood by the principle of open and free exchange of ideas between members of the industry and the community that it serves," says IFX Forum Chairman Mark Tiggas of Wells Fargo Services Co. "We want to encourage anyone who has an interest in participating in the creation of the specification to have the ability to do so. Ultimately, the specification belongs to the public."

This latest version features a wide range of functions that allow financial institutions and associated service providers to access account information, download credit card statements, transfer funds, process consumer and business payments, enable bill presentment, and improve customer service.

The IFX specification supports a broad range of client devices, such as any standard Web browser software, personal computers with personal financial manager (PFM) software, voice response units (VRUs) that provide bank by phone services, automated teller machines (ATMs), consumer handheld devices, or mobile telephones with data capabilities.

To view the IFX Version 1.2, please visit Comments will be accepted from the public until October 11, 2001. At that point, based on all of the feedback that is received from the public as well as its member companies, the IFX Forum will publish the final version of the specification.

About the IFX Forum

The IFX Forum is made up of a consortium of industry leading financial institutions, service providers and software vendors. Membership to the IFX Forum is open to anyone interested in contributing to the development of open financial standards. The IFX Forum is currently organized into the following working groups: Architecture, Electronic Bill Presentment & Payment; Business Banking; Credit Applications Processing; Insurance; and Aggregation. To learn more about the benefits of IFX Forum membership, please visit


IFX Forum
Estella Li


Julia O'Brien

Prepared by Robin Cover for The XML Cover Pages archive. See "Interactive Financial eXchange (IFX)."

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