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Committee Structure & Charters

Steering Committee Charter |  Architecture Committee Charter |  Working Groups’ Charter (General) |  The Working Group Chair(s) |  Contact Information  
 

The IFX Forum is comprised of a Steering Committee, an Architecture Committee and Working Groups. The charter for each of these is listed below and followed by contact information for the IFX Forum Working Group chairs.

Steering Committee Charter

The Steering Committee acts as the executive body of the IFX Forum Board of Directors. It provides the leadership, structure and process for the development, promotion, use and adoption of the IFX business requirements and message specifications.

• Steering Committee members are required to hold voting member status in the IFX Forum.
• Appointments to the Steering Committee are made by the IFX Board of Directors.
• Steering Committee members are appointed for a term of three years.
• The Steering Committee will establish key objectives for the Forum each year.
• The Steering Committee approves formation of working groups and project proposals.
• The Steering Committee retains, when appropriate, employees, consultants, or contractors to carry out work for the IFX Specification and Forum.
• The Steering Committee reviews progress of the IFX specification.
• The Steering Committee modifies the Forum maintenance and balloting procedures.
• The Steering Committee conducts industry outreach and promotion of the Forum’s Ambassador Program.
• The Steering Committee suggests future direction of the Forum and recommends appropriate actions, as needed.

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Architecture Committee Charter

The Architecture Committee is a committee of the IFX Forum that seeks to ensure the development of a family of IFX specifications that are consistent, extensible, easy to implement and efficient in their implementation and operation. It works to ensure consistency in the interactive financial work between and among various industries.

• Participation on the Architecture Committee requires a 25% resource and time commitment by members.
• The Architecture Committee reviews new work efforts for impact and maintains coordination between working groups.
• The Architecture Committee maintains the most current version of the IFX Specification.
• The Architecture Committee ensures interoperability of new enhancements with the IFX Specification.
• The Architecture Committee establishes and maintains editorial guidelines for the development of IFX specifications and is responsible for the clean-up work on the IFX Specification.
• The Architecture Committee facilitates rapid expansion into new industries.

View the Architecture Committee Guidelines.

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Working Groups’ Charter (General)

IFX Forum Working Groups facilitate development of business requirements around ideas and concepts for integration into the IFX specification.

• Working Groups develop business requirements for the specification (e.g., in the specification documentation, provide the business reasons and overview).
• Recommendation of a process or mechanism for adoption and implementation.
• Specification must adhere to the editorial guidelines provided by the Architecture Committee.
• Interested individuals may attend two meetings before they are required to join the Forum.
• Invited participants will be asked to sign a waiver on any use of information on the IFX Specification acquired at the meetings.
• Consultants or contractors to the Working Group must be approved in advance by the Steering Committee.

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Each Working Group Chair:

• is responsible for the administration and organization of the working group.
• is subject to the oversight and direction of the Steering Committee.
• provides regular status updates to the Steering Committee.
• will be voted in by majority vote of the working group and does not have to be confirmed by the Steering Committee.
• maintains the books and records of the working group.
• is an individual or representative of a business entity able to provide an appropriate level of qualification to assist in the work of the group.

If a working group chair resigns his or her seat, a successor is elected by majority vote of that committee. The resigning chair or chair’s company may nominate an individual to succeed as chair.

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Contact Information