New Group Will Hold Inaugural Face-to-Face Meeting in Orlando, May 2-3
WAKEFIELD, Mass. – May 2, 2017 – The IFX Forum today announced the roster of member companies anchoring its newly launched Open APIs Working Group. These companies include ACI Worldwide, NCR, Oracle, Tata Consultancy Services, U.S. Bank and Wells Fargo.
In keeping with its core mission, the IFX Forum recently established a strategic priority around the creation of industry-wide standard open APIs. The Open APIs WG is working to develop a standardized way to address the growing impetus for banks to provide more open access to their data, in place of proprietary APIs (application programming interfaces) being developed by financial institutions and vendors. More details about the specific goals and activities of the WG are available online.
The inaugural face-to-face meeting of the Working Group is taking place May 2-3 in Orlando, Florida, USA, during the Forum’s 2017 Annual Meeting, hosted by Oracle. Non-members are invited to attend; registration is now open.
“The commitment from these leading multinational companies to our Open APIs initiative underscores the importance of this effort to the global financial services industry. Their expertise and resources will enable the Working Group to deliver significant results in a timely manner,” said IFX Forum President Richard Urban. “I urge everyone who has a stake in providing safe, efficient open access to banking data to join us in Orlando, to learn what the IFX Forum and its member community are doing, and how you can participate.”
[Supporting statements from participating companies appear at the end of this announcement.]
The IFX Forum is an international non-profit industry association whose mission is to develop and promote the adoption of its open, interoperable standard for financial data exchange, IFX, which is available for evaluation at no charge at http://bms.ifxforum.org/.
In addition to developing the IFX specification, the Forum actively engages in international standards activity, including longtime liaison efforts with ISO and contributions to ISO 20022, a leadership role in the Remittance Coalition set up by the U.S. Federal Reserve, and Memoranda of Understanding with ASC X9, BIAN and EPASOrg/nexo.
The Forum welcomes additional members to join in all its activities. More information can be found at http://www.ifxforum.org/join/. The Forum also hosts a free IFX Discussion Forum, where knowledgeable Forum members and other subject matter experts will answer IFX-related questions from the public.
About the IFX Forum
The Interactive Financial eXchange (IFX) Forum is an international not-for-profit industry association whose mission is to develop the IFX business message specification and promote its adoption as an open, interoperable standard for financial data exchange. An agile standards development organization (SDO), the IFX Forum also promotes interoperability of industry standards by working cooperatively with other standards groups.
IFX is broadly used in practical implementations across the financial services industry, and is especially suited for financial institutions using Service Oriented Architecture (SOA). IFX contains thousands of data elements and hundreds of messages specifically designed for the financial services industry by industry experts. The standard is ideal for modern API-enabled deployments.
More information about IFX and the benefits of IFX Forum membership can be found at www.IFXForum.org.
SUPPORTING STATEMENTS FROM PARTICIPATING COMPANIES
“It’s a pivotal time for banking standards evolution; regulatory intervention like the Payment Services Directive in Europe creates new market participants, indirect access methods, and connections. Moving our industry toward a standard for APIs is something for which everyone in our ecosystem should strive. It will open the door to even greater innovation in the banking and payments world, and enable the best ideas to rise to the top, which in the end is what we all want. As part of the IFX Forum, ACI has been a longtime supporter of such initiatives and will continue through the Open API Working Group to work toward an industry standard that nurtures innovation.”
— Mandy Killam, Executive Vice President, ACI On-Premise, ACI Worldwide
“As both banks and vendors tackle the many challenges of technology transformation and business digitization, it is imperative that the solutions are interoperable and efficient to implement. The distinctive mix of financial institutions, solution vendors and hardware vendors that participate in IFX provide the opportunity to advance the intelligence and adaptability of APIs that will be a cornerstone to innovation. Oracle is excited to collaborate in the API working group, as it will provide benefit to all who seek to define the next generation of financial services technology.”
— Anita Brady, Vice President, Technology Office-Financial Service Global Business Unit, Oracle
“PSD2 opens new avenues for banks to play a larger role in the rapidly changing financial eco-system around their customers. Such regulations underline the importance of collaboration and alliance among the service providers (including the banks) to deliver far superior, seamless services to customers. API development is a key technology that will accelerate PSD2 adoption. and evolution. IFX Forum has enabled the industry to leverage IFX message specifications for designing the APIs. We at TCS are actively supporting this initiative by participating in the API Working Group in IFX Forum.”
— Nitin Sirohi, Head of Payments, Tata Consultancy Services
“As a founding member of the IFX Forum and an active participant in the development of IFX Business Message Specification, Wells Fargo is excited about the advancement of this body of work in open standards and its adoption as JSON/REST-based APIs and micro-services through the IFX API Work Group. The increasing global demand for faster payments and regulatory requirements around such payments drives the need for safe and efficient exchange of customer and account information between third-party providers and trusted partners.”
— Mark A. Schaffer, Vice President and Systems Architect, Wells Fargo
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