IFX in Action
IFX Forum, Inc is a member-driven organization. All of the specification content is the result of the IFX Forum members' efforts. Working Groups are formed by at least three sponsoring members, who commit the time, effort and expertise necessary to address the business requirements and define the content related to specific domains. Working Group participation is open to all members.
Typically, both business and technology experts participate in Working Groups. As the Working Groups develop content, they collaborate with the Architecture Committee to avoid duplication and guarantee adherence to the IFX framework. The participants are often implementing portions of the new content as it is approved by Architecture. Consequently, potential implementation snags are identified and corrected before the content is published in the formal standard.
In addition to basic banking and financial transactions, the IFX specification addresses the following business areas through dedicated Working Groups.
- Business Banking, Corporate Banking
- Branch Banking Services
- Electronic Bill Presentment and Payment (currently inactive)
- Card Management Services
- Liaison & Interoperability
IFX Forum Liaison Activities
Because it is not possible for one standard to address all of the needs of the financial services industry, the IFX Forum works closely with other organizations to foster interoperability, through its Liaison & Interoperability Working Group.
The IFX Forum has informal agreements or formal Memorandums of Understanding (MoU) regarding:
- ISO 20022 (UNIFI)
- ISO TC68/SC7/WG9 (ATM)
- BIAN (Banking Industry Architecture Network)
- X12F (Financial)
- ASC X9 (ISO 20022 Extended Remittance)
Representatives of the IFX Forum regularly attend and participate in meetings of these standards bodies, such as the ISO TC68 Plenary Sessions held in Guangzhou, China in May, 2013.
Forum representatives also educate other audiences about the work of standards bodies, such as the presentation at the McKinsey & Company Payments Operations and Strategy Forum on July 11, 2013 in Miami by Susan Colles, Director of Global Standards, Bank of America Merrill Lynch (along with Ralph Hertlein, EVP of Operations, OAGI), entitled "The Global Unification of Financial Messaging: Exploring best practices with ISO 20022."
The IFX Forum launched an initiative to complete the ISO standalone remittances standard -- interested parties are encouraged to participate; write to email@example.com. The IFX Forum has also, by invitation, taken a leadership role in the Remittance Coalition launched by the U.S. Federal Reserve.