IFX DELIVERS SUPPORT OF ISTH PAYMENT KERNEL IN VERSION 1.6

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IFX DELIVERS SUPPORT OF ISTH PAYMENT KERNEL IN VERSION 1.6

Latest Version Follows Through on IFX Forum Commitment to Joint Initiative

FALLS CHURCH, Va. - Oct. 05, 2004 - The Interactive Financial eXchange (IFX) Forum has published for open review the latest version of the IFX specification, Version 1.6, which incorporates support for the International Standards Team Harmonisation (ISTH) collaboration initiative's deliverable, an XML core payment kernel for corporate-to-bank payment initiation and status messages. The IFX Forum worked extensively on the ISTH initiative as a key member in this successful first phase, which has involved major international banks and standards organizations.

The IFX Forum, comprised of representatives of leaders in the financial services industry, 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 IST Harmonisation effort was initiated in the summer of 2003 to prevent divergence and duplication of standards efforts in the development of a payment kernel for use in electronic financial transactions. The core payment kernel consists of an agreed-upon set of key financial data components required for a payment message in any currency. The payment kernel can be processed by any bank regardless of location and can be issued by any corporation regardless of business line. The latest ISO standard (UNIFI - ISO 20022) was used for the definition of the core payment kernel message models and XML schemas.

"We have now delivered on our commitment to support the ISTH core payment kernel in the IFX specification, continuing our track record of delivering extensible financial messaging standards that are rich in payment content," said Richard Urban, President of the IFX Forum. "We are glad we could play a significant role in the IST Harmonization efforts to date, and we look forward to continued participation in the next phase, which will include bank statement and advice messages."

With Version 1.6, IFX payment messages can include the payment kernel data in a form that can be passed directly to other systems unaltered. The key IFX characteristics of predictability, consistent structure and extensibility are maintained. This support allows most IFX users to provide all the data necessary for interoperability with the international standard while remaining consistent with the robust IFX object model. Trading partners who need to interoperate internationally can easily transform messages from domestic partners into the ISTH payment kernel.

Members of the IFX Forum will be present at a Standards Form which is being held at SIBOS, hosted by SWIFT in Atlanta, Georgia, October 13-14. Various discussion sessions will be conducted on the topics of standardization and convergence. The kickoff meetings for Phase 2 of the ISTH efforts will also be conducted at that time.

The public review period for V1.6 of the IFX specification ended on October 1, 2004. The Forum's Architecture Committee will review any comments received and make a recommendation to the Steering Committee, which will then hold its final vote. The final specification will be published for download at no charge on or about October 8. Visit http://www.ifxforum.org to view, download and comment on V1.6.

Implementation of the new Version 1.6 will likely be discussed at the Forum's next face-to-face meeting, to be held in Miami, October 25-28. As is the IFX Forum's custom, prospective members are invited to attend this meeting free of charge, to become familiar with the group's activities before formally joining. The October meeting will take place at the four-diamond, four-star landmark Hyatt Regency in downtown Miami, on the river. Advance meeting registration is required by October 20; go to www.ifxforum.org for details, or contact LeAnn Wilson at info@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; Branch Banking Services; 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:
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