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IFX for Branch Banking

For general information about the IFX Standard please go to www.ifxforum.org/standards.

Taking advantage of the benefits of network environment and the IFX Service Oriented Architecture, which supports internal data communications and channel independence, the Branch Banking Services functions of IFX include a set of messages and objects that have been designed to address the complexities associated with serving customers in a branch banking environment.

Addressing the Needs of Branch Banking with IFX

IFX includes a set of business objects that have been designed to address the complexities of branch banking needs while taking advantage of the benefits of network environments. The goal of IFX for Branch Banking is to allow financial institutions to manage various channel-specific applications and core processing systems using a consistent set of messages and data attributes and values. IFX multi-channel support guarantees reliability and generates significant cost savings.

IFX Branch Banking Features and Benefits

The branch banking servicing elements are integrated into the IFX Framework -- the foundation of the IFX Specification includes a set of common objects that can be used across multiple types of financial services. This facilitates the implementation of cross-service applications.

Benefit	Feature
Teller Drawer	Supports maintenance of teller drawer totals including non-monetary media such as stamps and money orders Supports multiple credentials for each transaction for transactions that require supervisor overrides, for example
Extended maintenance of accounts	Supports multiple account types (checking, savings, line of credit, etc.) Supports multiple balance types, critical dates, and function indicators
Create and maintain records for various parties	Supports contact, employment, and financial information, among other sets of data Customers and other related parties such as co-signers, joint owners, beneficiaries, etc.
Supports account statement inquiry	Individual account statement and combined account statements Full image, statement detail, image URL
Supports account transaction and image inquiry	Inquire by date, amount, transaction type, and more Full image, image URL inquiry for check, deposit slips or other transactional documents
Supports notes at the account, party, or transaction	Add a note for a party, account, or any other BMS object Inquire by date, usage, or get all Notes for an object
Add or delete a Stop Check	Add a stop check for a single check or range of check numbers Ability to waive system generated fee
Create single or recurring transfer of funds	Add a single funds transfer Add recurring funds transfer with flexible recurrence rules and include one or more exception rules

Branch Banking Services Working Group

The purpose of the IFX Branch Banking Services Working Group (BBSWG) is to ensure that the IFX Business Message Specification (BMS) includes all the messages necessary to perform transactions through the bank branch and call center delivery channels. The BBSWG carries this out by modifying existing IFX messages and message flows to support Branch Banking and Call Center transaction sets and functionality, as well as creating new messages that enable functionality not currently in the IFX BMS.

Leading financial institutions and financial software providers develop IFX for Branch Banking, working together to create a useful set of elements that support a wide variety of traditional branch banking functions. Participants include banks, software providers, services providers and other organizations. Representatives from the BBSWG participate in the IFX Architecture meetings, presenting proposed messages or modifications required to meet branch banking needs. The WG meets regularly via teleconference/webconference. Intensive face-to-face working meetings are held in conjunction with the IFX Forum quarterly meetings in various locations. The Branch Banking WG also collaborates extensively with other WGs, such as Card Management & Servicing and Business Banking.

What Is the BBSWG Working On?

The Branch Banking Services work group is currently completing the upgrade to IFX version 2.x, which includes messages and content that support branch banking and call center functions but were not included in the 2.1 BMS release.