Interactive Financial Exchange Forum Publishes XML Specification Version 1.3

Alexandria, VA, USA. June 11, 2002.

The Interactive Financial Exchange (IFX) Forum published today the latest IFX specification, Version 1.3, which provides an Extensible Markup Language (XML) based communication protocol that enables the exchange of information between financial institutions and their customers, their service providers, and other financial institutions.

IFX v1.3 contains the Direct Debit Payment process, which is used by business banking to draw funds from payers. Typically, a direct debit payment case is a recurring transaction, where it is expected to occur periodically. Direct Debit Payment process is utilized by many businesses to ensure payment is made on time, achieve better and more accurate float, and eliminate the payment issuance process.

Enhancements to the IFX Business Message Specification for v1.3 include:

Multiple addresses in contact info
Composite remittance or lockbox data
Payment credit status
Improvements to check ordering
Direct debit feature via the payment messages
Deposit account application
Status Code to the additional status aggregate
Effective date which now conforms to DateTime

"This specification builds on the continuing efforts of the IFX Forum to permit finance industry trading partners to share content rich information," said IFX Forum Architecture Committee Chairman Jim Shain of ALLTEL Information Services. "Version 1.3 provides enhanced features and functionality that move the IFX Forum one step closer to its goal of financial services interoperability."

"IFX has always stood by the principle of an open and free exchange of ideas between members of the industry and the community that it serves," said IFX Forum Chairman Mark Tiggas of Wells Fargo Services Co. "We encourage financial services representatives to participate in the IFX Forum to ensure their corporate requirements are incorporated into these essential specifications."

As with all IFX specifications, version 1.3 includes XML Schema documents that streamline implementation, and provides sample XML instance documents and a complete text description of the XML content. Visit http://www.ifxforum.org/ifxforum.org/standards/v13/bmspecs_13.cfm to view and download v1.3.

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: Electronic Bill Presentment & Payment; Business Banking; Credit Application Processing; and Insurance. 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 www.IFXForum.org. IFX Forum Press Contacts: Julia O'Brien, (703) 837-6155 or jobrien@ifxforum.org; and Andrew Cheatham, 703-518-4165 or acheatham@disa.org

Contact

Interactive Financial Exchange Forum
Alexandria, VA
Julia O'Brien
Tel: +1 703/837-6155
Email: jobrien@ifxforum.org

Andrew Cheatham
Tel: +1 703/518-4165
Email: acheatham@disa.org

Prepared by Robin Cover for The XML Cover Pages archive. See other details in "Interactive Financial Exchange Releases IFX Specification Version 1.3" and general references in "Interactive Financial Exchange (IFX)".

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