IFX FORUM ISSUES NEW VERSION OF SPECIFICATION, IFX VERSION 1.8
New Features Include ATM-POS and Business Banking Material, Plus Improved Download Format
WAKEFIELD, Mass., USA - Oct. 31, 2007 - The Interactive Financial eXchange (IFX) Forum has published a new version of its IFX Business Message Specification (BMS), Version 1.8. The new release can be downloaded at no charge from http://www.ifxforum.org.
The 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 among all sectors of the financial services industry.
"IFX 1.8 brings together the recent significant efforts from several of our Working Groups as well as those of the Architecture Committee," said IFX Forum President Richard P. Urban. "Our members are to be commended for their commitment, focus and effective collaboration. The release itself demonstrates the Forum's commitment to supporting IFX 1.X and its many implementations around the world, even as we collectively work to deliver the next generation of IFX, Version 2.0."
Contents of IFX 1.8
IFX Version 1.8 includes significant content from the Forum's ATM/POS Working Group, extending the functionality of their messages by modifying existing messages, creating new messages for Purchase Transactions, and adding a new message to ensure efficient performance of ATM debits. Additional status codes and message elements have also been added for improved processing of ATM and POS transactions in compliance with requirements of EMV and other financial industry standards.
Another highlight of Version 1.8, achieved by the Forum's Business Banking Working Group, is full integration in the IFX BMS of all Payment Initiation messages registered under ISO-20022. Improved messages for payment initiation, payment status reporting, and payment cancellation or reversal are included.
Version 1.8 of the IFX BMS is distributed in a new download format, replacing the Microsoft Word format previously used. The Microsoft Compiled Help Manual (CHM) format provides improved search capabilities within the specification. Alternatively, the specification is available as a collection of HTML files that can be viewed with any current browser.
The IFX Forum Working Groups carry out their work in weekly teleconferences attended by members in multiple countries, and by quarterly face-to-face meetings in various locations. The group's next face-to-face meeting will be held in Orlando, Fla., January 21-24, 2008.
Prospective members are invited to attend a face-to-face meeting for a fee of $695 per person (which will be credited toward membership dues, if the company subsequently joins the IFX Forum), to become familiar with the group's activities. Detailed meeting information and a link to registration will be posted at http://www.ifxforum.org.
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.
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 also promotes interoperability of industry standards by working cooperatively with other standards organizations and consortia. To learn more about the IFX specification or the benefits of IFX Forum membership, please visit http://www.ifxforum.org.
For further information:
Judith Vanderkay
Virtual, Inc.
(781) 876-6208
jvanderkay@virtualmgmt.com
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