IFX Forum Members Meeting Ratifies Version 1.5 of IFX Standard, Issues Web Services Recommendations

Thursday 12 February 2004 19:49 CET | News

At its recent members meeting in Dallas, the Interactive Financial eXchange (IFX) Forum has announced, the organization reviewed and ratified the latest version of the IFX specification, Version 1.5.

The document is now available for download at no charge from ( The group also reviewed the ATM/POS Implementation Guide that will be released later this year, heard the recommendations of its Web Services Working Group for future versions of IFX, and continued work on IFX Version 2.0. The IFX Forum is a not-for-profit standards-developing organization working to develop a robust framework for the electronic business-to-business exchange of data among financial service institutions around the world. A larger number of prospective members than usual attended the Dallas IFX Forum meeting to become familiar with the groups activities before formally joining. Quarterly face-to-face meetings are an important platform for the Forums working groups accomplishments, though activity continues in between meetings by other means. Following a month-long public comment period for IFX Version 1.5, the Forums Steering Committee ratified the new specification, which extends the ATM, POS, Business and Consumer Banking support provided by earlier releases of IFX. The result of several years of implementation experience in various commercial and retail banking applications, Version 1.5 builds on IFXs multi-channel capabilities to enable it to be used as a core technology for the EFT industry. Work on IFX Version 2.0 also continued at the Dallas meeting. An adaptation of the IFX infrastructure to support emerging standards, Version 2.0 will be designed to support Web Services standards and will include changes flowing from the International Standards Team Harmonisation (ISTH) project. The Forum specifically invites companies and individuals who have international payment requirements or are implementing service-oriented architectures to participate in building this next generation of the IFX standard. The current draft of an extensive ATM/POS Implementation Guide, designed to help business and technical personnel understand how to use IFX to implement all or part of an ATM/POS solution, was reviewed at the meeting. Developed by the Forums ATM/POS Working Group, this guide assists parties interested in building an interoperable software application for EFT processing, using the business messages of the Interactive Financial Exchange (IFX) specification. Additionally, the Forums Web Services Working Group released its first deliverable at the Dallas meeting, an assessment of how the IFX specification can be used in a Web Services architecture. The working groups mission is to show how the IFX standard schemas and messages fit into the Web Services infrastructure, to avoid incompatible implementations of Web Services, and to provide comprehensive guidance on the use of IFX with emerging Web Services models, thereby ensuring the stability, flexibility and longevity of the IFX Business Message Specification. This material is available to members in the Members section of the IFX Forum Web site.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce