IFX for Card Management

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

For IFX, "Card Management" is defined as the services related to Issuing, Management and Servicing of Credit, Debit, Prepaid and Private Label cards. The services may be initiated by a customer service representative or through a customer-enabled channel such as the Web or interactive voice response telephony (IVR). Examples include, but are not limited to, card origination, activation, replacement, lost/stolen, status changes, general maintenance, etc.

Addressing Card Management with IFX

Including card management and servicing messages in the IFX specification assists financial institutions as they seek to enhance the services they offer customers, and it increases the efficiency of their operations.

The addition of card management material to IFX enables banks and card organizations to improve their customer experience and to deliver a broader array of products and services across multiple channels, contributing to an agile and flexible environment.

IFX Card Management Features and Benefits

The card management and 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.

IFX may be used to offer services related to a card, account, party (customer), transactions, etc. using the content developed and defined in the section above.

Benefit	Feature
Card object	The Card Object supports the services related to Issuing, Management, and Servicing of Credit, Debit, Prepaid and Private Label cards. The Card support is intended to provide a representation of the physical card and associated attributes.
Card Order	The Card Order object can be used to: add new orders, track and update existing orders, and inquire on card order history The messages associated with this object can be used to send orders to the card issuer/embosser, a customer, prospect, or representative of customer or prospect of a financial institution
Card relationships to accounts and parties	Effectively manage information specific to the relationship between a party and card Elements that may be different for one party and card from those for another party to the same card Effectively manage information specific to the relationship between a card and account Elements that may differ in the relationship between one card and an account compared to the relationship between another card and the same account A card may be linked to multiple checking, current, savings accounts as well as credit account(s)
Provide support for Rewards data	Rewards are point or monetary incentives accumulated based on financial or non-financial activity Rewards are used to retain customers, drive customer loyalty, and increase sales and other activity
Card Transaction Addenda	Card networks provide addenda data with the card transactions This data is displayed on statements and is required to be displayed for the CSRs and customers via the web and other channels This extension supports Airline, Vehicle Rental and Lodging addenda

Card Management & Servicing Working Group

The Card Management and Servicing Working Group is chartered to ensure that the IFX Business Message Specification (BMS) has all the necessary messages to perform card services. The WG utilizes both top-down and bottom-up approaches to determine the appropriate data elements, analyzing back-end system and front-end messages. The CMSWG welcomes input from card-issuing members on future direction and participation in the working group to develop content that will provide support for card-issuing services around the globe.

Participants include banks, card organizations, services providers and other organizations. Representatives from the CMSWG participate in the IFX Architecture committee meetings, presenting proposed messages or modifications to best address card management and servicing. The WG meets regularly via teleconference/webconference. Intensive face-to-face working meetings are held in conjunction with the IFX Forum quarterly meetings in locations as scheduled by the IFX Steering Committee.

What Is the CMSWG Working On?

The Card Management Services Working Group is actively engaged. Current areas of focus by the CMSWG are:

Pricing	The financial terms and conditions related to a card account that relate to fees, finance charge and associated processing
Automatic Payment	The ability to configure a card account with automatic payment parameters
Transactions	Increase support of network based data received on a card transaction
Authorizations	Increase support of network based data received during a card authorization
Business Card	Support for business card data elements related to options required by companies
Extended Credit	Support for major purchase transaction options with their own repayment schedule