The Interactive Financial Exchange (IFX) Forum has released version 1.2 of the IFX Specification for review, and welcomes public comment through October 11, 2001. IFX version 1.2 "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. 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."

From the version 1.2 specification: "The IFX Specification has been developed as a cooperative industry effort among major Financial Institutions, Service Providers, and information technology vendors to these institutions and their customers in the small business and consumer markets. This specification builds on previous industry experience, including the OFX and Gold specifications that are currently implemented by major Financial Institutions and Service Providers to enable the electronic exchange of financial data between them and their customers. The IFX Specification provides a comprehensive specification for new financial industry services and software while providing a common strategic direction for the evolution of existing products and services. The IFX Specification provides Financial Institutions, their Service Provider vendors, and financial software developers for the small business and consumer markets with a generalized model for financial industry data communications."

From the announcement:

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. 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.

"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 and Payment; Business Banking; Credit Applications Processing; Insurance; and Aggregation."