IFX for Business Banking
For general information about the IFX Standard please go to www.ifxforum.org/standards.
IFX includes a set of messages that have been designed to address the complexities of corporate banking needs while taking advantage of the benefits of network environments. IFX can be used across various types of applications - from internal data communications to integration of data across many companies. The goal of IFX for Business Banking is to allow companies to interact more effectively with each other and accomplish end-to-end e-commerce.
Leading financial institutions and trading partners developed IFX for Business Banking, working together to create a useful set of messages and elements that encompass a wide variety of business banking activities and rules.
Addressing the Complexity of Corporate Banking Needs with IFX
The required business rules that support the banking needs of corporate customers can be highly complex and encompass detailed processing rules that are typically not seen in a consumer-based banking model. Requirements to support features such as multiple payments with multiple due dates being applied to single invoices and all of the possible permutations thereof are more the norm than the exception.
Some of the uses of IFX in Business Banking include:
- Transmitting documents and information over the Internet easily and with little intervention or reformatting
- Using standard formats for banking transactions in business/corporate day-to-day operations
- Exchanging payment instructions, bank confirmations, bank statements, receipts information, and account reconciliation documents with banking partners and/or between organizations
- Automatically updating internal systems with the formatted data from any of these documents
Integrated Support for Retail and Wholesale Banking
Additionally, the IFX specification allows for optional integration of Retail and Wholesale banking services. IFX provides a wide range of retail banking features that can easily be integrated with banking applications that require support for both. This is particularly useful in inter-bank transactions, record keeping and data transmission.
IFX for Business Banking – Features and Benefits
|Supports multiple Payment Origination models.||
|Support for Direct Debit Origination||
|Comprehensible Remittance Reporting||
|Positive Pay Services||
|Balance and Transaction Reporting||
|Check Order and Reorder||
|ISO 20022 Integration||
The Business Banking Working Group
The IFX Forum's Business Banking Work Group (BBWG) is responsible for the work of enhancing or creating IFX messages that support the various banking messages necessary for small business to large corporations to communicate with their banks/financial institutions, service providers and other external points.
Participants include banks, software providers, services providers, ERP vendors, and other organizations. Representatives from the BBWG participate in the IFX Architecture meetings, presenting proposed messages or modifications required to meet business 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.
What Is Business Banking Working On?
Upcoming work includes the implementation of additional ISO 20022 messages into the IFX framework, as well as the incorporation and/or harmonization to efforts initiated by other standards groups, such as those around remittance and software package integration.