IFX FORUM VOTES AT JULY MEETING TO DEVELOP VERSION 1.6 OF IFX STANDARD, INCLUDING ISTH CORE PAYMENT KERNEL

Press Release

Bankers Association of Republic of China to Join Steering Committee

FALLS CHURCH, Va. – Aug. 24, 2004 – The Interactive Financial eXchange (IFX) Forum has voted to create an additional version of its IFX standard, before it completes work on Version 2.0. The interim version will be denoted Version 1.6, and it will contain the XML core payment kernel developed by the ISTH initiative earlier this year, delivering on the Forum's commitment issued in June. The Forum expects to ratify 1.6 early in the third quarter of 2004.

The IFX Forum is a not-for-profit standards-developing organization working to develop a robust framework for the electronic business-to-business exchange of data among financial service institutions around the world.

The announcement was made at the IFX Forum's quarterly members meeting, held in Washington, D.C. at the end of July. Work on IFX Version 2.0, an adaptation of the IFX infrastructure to support Web Services standards, will continue in parallel with Version 1.6.

"We wanted to move forward quickly to include the ISTH core payment kernel in the IFX specification," said Richard P. Urban, IFX Forum President. "At our members meeting, we identified a way to accomplish this sooner rather than later, and we are looking forward to delivering Version 1.6 well before November comes."

Also at this meeting, the Forum invited the Bankers Association of the Republic of China (BAROC) to designate a representative to serve on its governing body, the Steering Committee. BAROC has been a member of the IFX Forum since 2000. The Taiwan group's participation on the Steering Committee emphasizes the international scope of the Forum's activities and membership.

The group also set the schedule for the next year's quarterly face-to-face meetings:
  October 26-28, 2004 in Miami, Florida;
  January 10-14, 2005, in Phoenix, Arizona
  April 25-29, 2005 in Toronto, Ontario (Annual Meeting); and
  July 25-29, 2005 in Seattle, Washington.
These meetings are an important platform for the Forum’s working groups’ accomplishments, though activity continues in between meetings by other means. The meetings are also an opportunity for prospective members to experience the work of the Forum, before formally joining. As meeting dates approach, details will be available at www.ifxforum.org.

About the IFX Forum
Membership in the IFX Forum is open to anyone interested in contributing to the development of open financial standards that harness the power of XML. The IFX Forum is currently organized into the following Working Groups: ATM/POS; Business Banking; Electronic Bill Presentment & Payment; and Web Services. 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.

For additional information:
email info@ifxforum.org
Phone: +1 (781) 876-8811
Fax: +1 (781) 224-1239