IFX FORUM PRESIDENT RICHARD URBAN INVITED TO PARTICIPATE IN FEDERAL RESERVE WORKSHOP ON REMITTANCE STANDARDS
Invitation-only Event Will Take Place in Chicago June 28-29
WAKEFIELD, Mass., USA – June 27, 2011 – The president of the Interactive Financial eXchange (IFX; www.ifxforum.org) Forum, Richard Urban, is one of a select group of corporate users, vendors, bankers and standards developers – invited to an industry workshop on the topic of remittance standards, the Forum has announced. The event will be held June 28-29 at the Federal Reserve Bank facility in Chicago. Other members of the IFX Forum have also been invited, as representatives of their own organizations.
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 www.bms.ifxforum.org/. The objective of the workshop is to better understand issues and options for improving remittance data exchange and automated reconciliation of payments. Urban will address the participants on the opening day concerning the Forum's activity in the area of remittance, both on its own and with respect to work on ISO 20022.
"The timing of this workshop is excellent, given the growing worldwide interest in ensuring interoperability among the various banking standards," said Urban. "I thank the workshop organizers for inviting me to offer insights gained from the IFX Forum's broad experience in this area, and I look forward to learning from the others attending. I'm also hopeful that together we will develop a new comprehension of common issues and new approaches to surmounting the challenges involved. The IFX Forum is prepared to play an active, leading role in this effort."
The organizers of the workshop provided background information about the topic: remittance information is data exchanged between trading partners to "explain" a payment. Recent studies have found that corporations are reluctant to adopt electronic payments and replace paper checks, in part because they have difficulty reconciling electronic payments. They report that they do not always have sufficient remittance data, and a lack of remittance information standards contributes to the problem. Results of the workshop discussions of these issues will be posted.
Remittance and payments are areas of significant activity for the IFX Forum. For example, in addition to its longtime liaison efforts with ISO and contributions to ISO 20022, the Forum recently announced a collaborative effort with BIAN (the Banking Industry Architecture Network) that is focusing on interoperability in payment execution. More information about the IFX Forum's history of collaborations can be found at http://www.ifxforum.org/action/.
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 is currently organized into the following Working Groups: ATM/POS; Branch Banking Services; Business Banking; Card Management & Servicing, and Liaison & Interoperability. IFX Forum Working Groups, in concert with an Architecture Committee to coordinate their efforts, develop open Internet-compatible messages for all sectors of the financial services industry. To learn more about IFX Forum standards or the benefits of IFX Forum membership, please visit www.IFXForum.org.