The Interactive Financial Exchange Forum Releases Enhanced XML Specification for Consumer Banking Community
Alexandria, VA, USA. April 11, 2001.
The Interactive Financial eXchange (IFX) Forum, charged with developing a robust framework for the business-to-business exchange of financial data, released an enhanced version of its specification. Utilizing Extensible Markup Language (XML), IFX 1.1.0 provides a framework that supports the exchange of information between:
Cooperating financial institutions
Financial institutions and cooperative consumer portals
Businesses and their financial service providers
"IFX 1.1.0 offers new enhancements that support business-to-business transactions for the operation of ATMs, and the means to communicate corporate payments," said IFX Forum Chair Mark Tiggas of Wells Fargo. "This new version ultimately extends the reach of IFX into the business to business markets, laying a common foundation for marketplaces and ERP vendors to build products that can interact directly with their customers' banks."
Other enhancements featured in IFX 1.1.0 are:
The Asynchronous Processing support to allow a server that is unable to complete a response in a reasonable time to complete it at a later time.
The Debit and credit messages that authorize, commit and reverse debits and credits for use in self-service, point-of-sale, and other applications that involve debiting or crediting an account.
The Deposit Account Statement Inquiry message to support balance and transaction reporting as required in a corporate environment.
The Single Payment Add message to support business-to-business payment transactions.
Board elections at the IFX Forum's annual meeting on April 3 promise continued implementation of the Forum's strategic goals. Leading IFX in 2001 is Mark Tiggas of Wells Fargo. The following is a list of newly elected or re-elected officers to the Board:
- Secretary: Leslie Mitchell of BITS
- Treasurer: Michael Weiss of Avolent
- Board Members: Susan Colles of Bank of America; Paul Mila of MasterCard; Ernie Mindlin of Microsoft; and Dan Schutzer of Citibank.
Participation in the IFX Forum continues to grow dramatically with recent additions of member organizations, such as Deutsche Bank. In addition to the financial industry, a number of groups have expressed clear interest in cooperating with the Forum in XML message development and in utilizing the IFX architectural framework.
The IFX Forum, open for worldwide participation, was founded to provide a variety of benefits for financial services companies and their customers. IFX Forum members develop open and interoperable specifications defining the business message format for electronic data exchange. The forum is organized into the following five working groups: Electronic Bill Presentment & Payment; Business Banking; Credit Applications Processing; Insurance; and Aggregation. To learn more about the benefits of IFX Forum membership, please visit http://www.ifxforum.org/ or contact Lee Waggoner at (703) 837-6153 or email@example.com
Interactive Financial Exchange Forum
Julia O'Brien, 703/837-6155