WAKEFIELD, Mass., USA – Oct. 13, 2015 — The Interactive Financial eXchange (IFX) Forum announced its two newest members today. GS1 Colombia/LOGYCA, a company dedicated to the creation and management of standards for industries around the world, based in Bogota, Colombia, has joined at the Small Business level; Oracle, provider of a comprehensive and fully integrated stack of cloud applications and platform services, headquartered in Redwood City, California, USA, has joined as a Corporate member.
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 at no charge at http://bms.ifxforum.org/. The Forum’s members and subscribers span 17 countries on five continents.
“We are pleased to welcome our new members, who once again demonstrate the value IFX offers, regardless of company size or location,” said Richard P. Urban, President of the IFX Forum. “We hope GS1 Colombia/LOGYCA and Oracle will be active participants as we step up our involvement with international standards bodies such as BIAN and ISO 20022, and we look forward to including their expertise and valuable insights in Forum activities.”
“After two years researching the appropriate way to standardizing the web services used by the banking system in Colombia, GS1 Colombia/LOGYCA and Asobancaria – Colombia’s banking association — choose to work with IFX as the best option that meets our needs, especially in terms of security, a priority for us. In addition, IFX opens the possibility to share our experience and learn from foreign organisations how to approach new trends in the global financial sector,” commented Juliet Espinosa, standards manager in GS1 Colombia/LOGYCA.
“Oracle is committed to the use of open banking and payment standards. In joining the IFX Forum we are building on our participation in the development of other international and national standards bodies. It is of great importance for Oracle to model industry best practices and standards, and being a part of these organizations can help us ensure that we achieve that objective,” said Sonny Singh, Senior Vice President and General Manager, Oracle Financial Services. “Oracle has been supporting IFX for years in customer deployments, and our membership further demonstrates our commitment to helping financial services firms meet their business and technology goals.”
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. This week President Urban is a speaker at the Standards Forum within the sibos event in Singapore.
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
Founded in 1997, the Interactive Financial eXchange (IFX) Forum is an international not-for-profit industry association whose mission is to develop IFX and promote its adoption as an open, interoperable standard for financial data exchange, suitable for use by all sectors of the financial services industry. The IFX Forum also promotes interoperability of industry standards by working cooperatively with other standards organizations and consortia.
Forum membership is open to organizations interested in contributing to the development of open financial standards. Forum members include financial institutions, hardware, software and service firms, and related non-profit groups. The IFX Forum carries out its activities via Working Groups, in concert with an Architecture Committee to coordinate their efforts. To learn more about IFX or the benefits of IFX Forum membership, please visit www.IFXForum.org.
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