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IFX Forum Web Services Working Group

IFX Forum to Review Web Services Opportunities

Alexandria, VA, USA. March 18, 2003.

The Interactive Financial Exchange (IFX) Forum today announced the formation of a new working group to investigate opportunities in the exploding business-to-business technologies known as Web Services.

Web Services are self-contained business functions that operate over the Internet, written to strict specifications to work together and with other similar kinds of components. The more established Web Services provide messaging, security, directories of business capabilities, and descriptions of technical functions.

The IFX Forum Web Services Working Group will determine the feasibility of supporting Web Services in its current specifications, now in version 1.4, or the extent to which the IFX Forum needs to make changes in its specifications to adopt Web Services. The group will focus on those standards and specifications now approved or in their final stages by other standards bodies, including SOAP, WSDL, UDDI, WS-Security, BPEL4WS, ebXML, and SAML among others.

Mark Tiggas of Wells Fargo and IFX Forum chair said, "The Financial Services industry is looking to Web Services as the means to provide the next generation of integrated business processes, leveraging Internet technologies, to provide more services to customers and higher productivity in the industry overall." Tiggas added, "IFX Forum has a chance to provide leadership to the industry as it begins to use Web Services, as well as offer real-world business feedback to the technology standards bodies writing the Web Services specifications."

Josh Lee of Microsoft and chair of the Web Services Working Group said, "The work group will demonstrate that IFX is ahead of the Web Services momentum by showing how IFX's schemas and messages fit into the Web services infrastructure." Lee added, "Without this work, we risk the development of Web Services implementations that are inconsistent or incompatible with other implementations."

The work group expects to complete its first reviews of the IFX Forum specifications and Web Services in April 2003, and offer its architectural recommendations, implementation guides, samples, and use cases by August 2003.

About the IFX Forum

The IFX Forum is made up of 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 that harness the power of XML. The IFX Forum is currently organized into the following working groups: ATM/POS; Business Banking; Credit Application Processing; and Electronic Bill Presentment & Payment. IFX Forum working groups, in concert with an Architecture Committee to coordinate their efforts, develop open Internet-compatible messages for all sectors of the financial services industry. To learn more about the benefits of IFX Forum membership, please visit


IFX Forum
Heather Harvey
Tel: +1 703/837-6185

Jay Devine
Tel: +1 703/518-4164

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

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