IFX Specification Offers XML Framework for Global Financial Exchange

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IFX Specification Offers XML Framework for Global Financial Exchange

Alexandria, VA, -The Interactive Financial Exchange (IFX) Forum approved for publication its much anticipated Extensible Markup Language (XML)-compatible specification, Version 1.0.1, at the IFX Forum's recent annual meeting in Boston. Version 1.0.1, which is now available for download at www.ifxforum.org, stems from the tremendous work performed on its predecessor, Version 1.0, created under the auspices of BITS to promote interoperability for electronic bill presentment and payment (EBPP). This new specification is ready for implementation by financial institutions and industry solutions providers and offers a framework for the interoperable exchange of financial data between financial institutions, service providers, billers and customers. Additional enhancements to the specification in support of business banking functions are also in progress.

In conjunction with the first annual IFX Forum annual membership April meeting held in Boston, the forum hosted an information session, which included "specification walk-through" and implementation seminars on April 26 and 27, respectively. The audience, which included more than 70 individuals representing companies in the financial services industry, exhibited a keen interest in both the implementation of version 1.0.1 and future direction for the IFX specification. To date, the IFX Forum is comprised of more than 30 corporate members.

"IFX 1.0.1 provides a comprehensive specification for new and existing financial industry services and software," said Kit Needham, senior director of BITS and chair of the IFX Forum. "Supporting a wide range of financial activities and entities, this specification will ultimately stimulate the adoption of and enhance online banking services through the availability of a diverse set of consumer and financial institution applications."

In addition to providing a comprehensive business message specification for financial services, IFX 1.0.1 includes a document type definition (DTD) for its XML representation and a corresponding data dictionary. Financial institutions, service providers and technology vendors can start implementing their applications with assistance from the XML guidelines and IFX data dictionary.

"The financial services industry requires rapid deployment and great interoperability of e-business applications," said Melanie Rose, director of financial services solutions, IBM Software Group. "IBM supports open standards, including XML, as key to meeting those demands, and we applaud the publication of the XML framework for global financial exchange as a great step towards that goal."

"We are excited by the release of the first implementable version of IFX," said Douglas S. Thompson, President and CEO of Just in Time Solutions and member of the IFX Forum board of directors. "IFX 1.0.1 represents a tremendous body of work from many industry and technology leaders, and demonstrates real-world progress towards a universal standard for the EBPP industry. We expect this release will further accelerate the adoption of standards-based solutions already prevalent in the industry."

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"The completion of the IFX specification marks another step toward interoperability among financial services providers," said Ken Hobday, Vice President of CheckFree Corporation. "CheckFree has actively participated in the development of IFX since its beginnings in 1997 and we are pleased to see this progress."

Offering a common set of business messages, Version 1.0.1 defines the information and semantics required in message requests and responses. The initial IFX model provides financial institutions, their service providers and financial software developers with a business-level message specification, its data dictionary, and implementation specifications. In addition, the specification enables financial institutions to support customers using a vast range of devices, including:

World Wide Web access using any standard Web Browser software
Personal computers with Personal Financial Manager software
Voice Response Units that provide telephone banking services
Automated Teller Machines
Consumer Wireless devices, such as Personal Digital Assistants or web-enabled mobile telephones

"At Fifth Third, we are currently presenting and paying over $150 million in electronic bills each month, and we expect that the distribution channels facilitated by IFX will help us significantly increase this volume," said Gary N. Reich, Vice President of E-Commerce at Fifth Third Bank. "As the largest EFT [electronic funds transfer] provider in the nation, expanding Fifth Third's EBPP services is an integral part of our EFT strategy to maintain our leadership position in the industry and meet the needs of our commercial and retail customers. IFX plays a key role in that strategy."

The IFX Forum is moving aggressively ahead to develop specifications that facilitate such services as global online banking and bill presentment and payment. The business banking functionality, which includes support for common EDI functions, balance and transaction reporting, and corporate payments, is expected to be available in the third quarter of this year. An insurance service for property and casualty will be included in a future version through the IFX Forum's cooperative relationship with ACORD, an insurance industry standards-setting organization.

To view or download IFX 1.0.1 or for information on joining and participating in the work of the IFX Forum, visit www.ifxforum.org, or contact Jay Devine, Data Interchange Standards Association's membership manager, at (703) 518-4164 or jdevine@disa.org.

The IFX Forum, open for worldwide participation, was founded to provide a variety of benefits for financial services companies and their customers and focuses on promoting the development and adoption of the IFX specification. The IFX Forum members develop open and interoperable specifications that meet the Financial Services Industry business requirements for serving consumer and corporate customers. The mission of the IFX Forum's open membership is to expedite the development and implementation of the IFX specification, which defines the business message format for the electronic exchange of data.

To learn more about the IFX Forum, visit http://www.ifxforum.org/.

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Press Contact: Julia Kendrick-O'Brien
Data Interchange Standards Association
(703) 548-7005, ext. 155
jobrien@disa.org

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