Enhancement to Interactive Financial eXchange Released

11/16/2010

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The Interactive Financial eXchange Forum released an enhanced version of the IFX specification for electronic financial messaging, IFX 2.1.

ebizQ received the following:

The Forum's focus over the past year has been evaluating and incorporating the significant amount of feedback received since its initial release of IFX Version 2.0 in November 2008, as well as enriching the specification with new and improved content.

The IFX Forum is an international non-profit industry association whose mission is to develop and promote the adoption of its open, interoperable standard for financial data exchange. The IFX Business Message Specification (BMS) is available at no charge at http://bms.ifxforum.org/. IFX 2.1 was finalized following an IFX Forum face-to-face working meeting held in Milford, Ohio, USA, hosted by Tata Consultancy Services (TCS).

Key updates in IFX 2.1 include support of the latest ISO 20022 payment initiation messages and improved mapping of IFX data to ISO 20022 Additional support for card management capabilities, which have greatly expanded the definition of the IFX Card object (credit, debit, rewards, etc.) Significant improvements to support for services-oriented architecture (SOA), including user-definable services and message header support for routing to internal and external service nodes Improved support of transaction authorizations, including multiple party authorizations Important enhancements for foreign currency conversions and alternative currencies in payment scenarios Improved definition of recurring models for payments, transfers and orders

"Our thanks and congratulations go to our members who have worked diligently to fill out and extend the IFX specification. As a result of their efforts and implementation testing, Version 2.1 is robust, rich in content and ready for implementation," said IFX Forum President Richard P. Urban. "I invite all who are interested in the progress of standards for financial data exchange to consider joining the IX Forum and help plan the next wave of enhancements and extensions to IFX."

IFX Version 2 exemplifies the Forum's commitment to a business-first, service-oriented approach to standards development, which has been well received over the years. Hundreds of organizations worldwide have used IFX since its first release over 10 years ago, representing -- as does the IFX Forum membership -- a cross-section of the worldwide financial services industry. IFX adopters range from large multinational corporations to small focused companies and self-employed consultants, from banks to vendors to service providers, from all regions of the globe. More than a thousand individuals have registered for online access to the IFX BMS.

Founded in 1997, the Interactive Financial eXchange (IFX) Forum is an international not-for-profit industry association whose mission is to develop IFX and promote its adoption as an open, interoperable standard for financial data exchange, suitable for use by all sectors of the financial services industry. The IFX Forum also promotes interoperability of industry standards by working cooperatively with other standards organizations and consortia.

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