This demonstration page uses fully functional IFX-defined APIs to simulate several business scenarios related to account validation, account inquiries and others. But this is just a taste of what the IFX standard offers in readily implementable capabilities. Every IFX object can be adapted to your API strategy. If you’re interested in a more technical perspective (swagger.ui) and viewing every object in the IFX standard follow this link. IFX RESTful lab
The IFX-defined APIs are easy to implement on the Microsoft Azure platform. There are many benefits to be realized by doing so including: Developer registration and management, automatic tracking of calls to API by Developer/Application, API Usage statistics and stub code in most popular languages. If you’re interested seeing the more about that, follow this link. RESTful Lab on Azure
Account API Scenarios
In practice, the Validate Account scenario would be used to ensure an account number is correct and that the account is active to make/receive payments.
The Validate Account scenario may have several variations. Essential to most scenarios is the need to ensure that an account is open at the financial institution handling the request and that the name on the account matches that known by the requester.
In our demonstration, we do not attempt validation. Instead we display the data attributes that might be typically returned by the API.
Get Account Balance
In practice, the Get Account Balance API would be used to retrieve the current balance for a specific account. This might be used to ensure an balance sufficient to make a payment.
The Get Account Balance API is likely to be a common element of many business scenarios.
PSD2 Account Information
PSD2 requires banks to share certain account information more broadly than banks have done historically. This is driving banks to standardize mechanisms and interfaces in order to avoid a chaotic mix of point-to-point interfaces with AISPs (Account Information Service Providers).
The PSD2 Account Information API example demonstrates one possible solution to standardizing account information to be shared with aggregators and other AISPs. The IFX standard includes all of the data elements commonly used in ISO 20022 and much more. Take a look at the IFX Account Information API to get a sense of some of the additional data defined in the IFX standard.
IFX Account Information
The IFX standard includes a very robust definition of the elements and structure of an Account Object. This API provides a representative sample of the information available.
In practice, this API might be used to retrieve detailed information about an account. The amount of detail available might be limited by the role and authorization level of the user invoking the API.