BMS Business Domains - Content and Capabilities

The IFX Specification addresses a broad array of business capabilities necessary to enable banking data exchanges.  On this page we describe the standard from the point of view of business capability.  Be sure to look at the Standard Framework page, which describes the technical design patterns underlying the IFX Specification.

IFX Forum Working Groups define the business requirements and develop content for the specification applicable to specific sectors of the industry and particular use cases. Working groups are not permanent, though many are long-lived.  Over the years the IFX Forum has had a variety of working groups that developed business domain-specific content in addition to general content applicable to a broad range of banking operations.

General Banking
General Banking
The IFX Specification content covers a broad range of capabilities necessary for most core banking functions, including account management, customer management, statements, authorizations, loans, payments, checks and much more.
Benefit Feature
Accounts
  • Supports multiple account types (checking, savings, line of credit, etc.)
  • Supports multiple balance types, critical dates, and function indicators
Parties (incl. Customer)
  • Supports contact, employment, and financial information, among other sets of data
  • Customers and other related parties such as co-signers, joint owners, beneficiaries, etc.
Bills and Billers
  • Bill Payment
  • Recurring Payments
  • Biller lists
  • Remittance Details
Statements
  • Individual account statement and combined account statements
  • Full image, statement detail, image URL
Transactions (incl. Debit, Credit, Transfer)
  • Inquire by date, amount, transaction type and more
  • Full image, image URL inquiry for check, deposit slips or other transactional documents
Notes
  • Add a note for a party, account or any other BMS object
  • Inquire by date, usage or get all Notes for an object
Checks
  • Add a stop check for a single check or range of check numbers
  • Ability to waive system-generated fee
Recurring Models
  • Add a single funds transfer
  • Add recurring funds transfer with flexible recurrence rules and include one or more exception rules
Branch Banking
Branch Banking

Addressing the Needs of Branch Banking with IFX

Taking advantage of the benefits of network environment and the IFX Service Oriented Architecture, which supports internal data communications and channel independence, the Branch Banking Services functions of IFX include a set of messages and objects that have been designed to address the complexities associated with serving customers in a branch banking environment.

Benefit Feature
Teller Drawer
  • Supports maintenance of teller drawer totals, including non-monetary media such as stamps and money orders
  • Supports multiple credentials for each transaction, for transactions that require supervisor overrides, for example
Extended maintenance of accounts
  • Supports multiple account types (checking, savings, line of credit, etc.)
  • Supports multiple balance types, critical dates, and function indicators
Create and maintain records for various parties
  • Supports contact, employment and financial information, among other sets of data
  • Customers and other related parties such as co-signers, joint owners, beneficiaries, etc.
Supports account statement inquiry
  • Individual account statement and combined account statements
  • Full image, statement detail, image URL
Supports account transaction and image inquiry
  • Inquire by date, amount, transaction type and more
  • Full image, image URL inquiry for check, deposit slips or other transactional documents
Supports notes at the account, party, or transaction
  • Add a note for a party, account or any other BMS object
  • Inquire by date, usage or get all Notes for an object
Add or delete a Stop Check
  • Add a stop check for a single check or range of check numbers
  • Ability to waive system generated fee
Create single or recurring transfer of funds
  • Add a single funds transfer
  • Add recurring funds transfer with flexible recurrence rules and include one or more exception rules
Corporate banking
Corporate and Business Banking

Addressing the Complex Corporate Banking Needs with IFX

Leading financial institutions and trading partners developed IFX for Business Banking, working together to create a useful set of messages and elements that cover a wide variety of business banking activities and rules.

The required business rules that support the banking needs of corporate customers can be highly complex and encompass detailed processing rules that are typically not seen in a consumer-based banking model. Requirements to support features such as multiple payments with multiple due dates being applied to single invoices, and all of the possible permutations thereof, are more the norm than the exception.

Some of the uses of IFX in Business Banking include:

  • Transmitting documents and information over the internet easily and with little intervention or reformatting
  • Using standard formats for banking transactions in business/corporate day-to-day operations
  • Exchanging payment instructions, bank confirmations, bank statements, receipts information and account reconciliation documents with banking partners and/or between organizations
  • Automatically updating internal systems with the formatted data from any of these documents

Integrated Support for Retail and Wholesale Banking

Additionally, the IFX specification allows for optional integration of Retail and Wholesale banking services. IFX provides a wide range of retail banking features that can easily be integrated with banking applications that require support for both. This is particularly useful in inter-bank transactions, record keeping and data transmission.

Benefit Feature
Supports multiple Payment Origination models.
  • Single Payer/Single Payee/Single Remittance
  • Single Payer/Single Payee/Multiple Remittances
  • Single Payer/Multiple Payees/Multiple Remittances
  • Intermediary Bank routing and settlement information
  • Central Bank Reporting for international cross-border payments
Support for Direct Debit Origination
  • Origination of direct debit by payee vs. payer
  • All the features of Payment Origination
Control Notification
  • Check Sum Totals for various characteristics
Payment Acknowledgment
  • Summary and Detail Acknowledgment for total number of payments and dollars
  • Status for acceptance, rejection or change
  • Detail information for each payment file or group of payments transmitted
Remittance Detail
  • Single or multiple invoice detail
  • Line item detail by invoice
  • Multiple delivery options, i.e., direct or indirect
Comprehensible Remittance Reporting
  • Remittance details from multiple sources, i.e., Lockbox processing, ACH and Wires
  • Single or multiple invoice detail
  • Line item detail by invoice
Positive Pay Services
  • Check Issue notification for in-house check printing
  • Reconciliation status for checks paid, outstanding, canceled and/or stopped
Balance and Transaction Reporting
  • Account balances for cash forecasting
  • Based on parent/child relationship
  • Transaction reporting for general ledger account reconciliation
Check Order and Reorder
  • Details for generation of paper checkbook orders, e.g., name and address on check, type of check stock, checkbook cover, promotion, etc.
  • Automatic reorder or reorder with change
ISO 20022 Integration
  • Incorporation of ISO 20022 Credit Initiation and Payment Status messages in conjunction with the features of the IFX object model and request/response processing.
Card management
Card Management

IFX for Card Management

For IFX, “Card Management” is defined as the services related to the Issuing, Management and Servicing of Credit, Debit, Prepaid and Private Label cards. The services may be initiated by a customer service representative or through a customer-enabled channel such as the web or interactive voice response telephony (IVR). Examples include, but are not limited to, card origination, activation, replacement, lost/stolen, status changes, general maintenance, etc. Addressing Card Management with IFX

Including card management and servicing messages in the IFX specification assists financial institutions as they seek to enhance the services they offer customers, and it increases the efficiency of their operations.

The addition of card management material to IFX enables banks and card organizations to improve their customer experience and to deliver a broader array of products and services across multiple channels, contributing to an agile and flexible environment. IFX Card Management Features and Benefits

The card management and servicing elements are integrated into the IFX Framework — the foundation of the IFX Specification includes a set of common objects that can be used across multiple types of financial services. This facilitates the implementation of cross-service applications.

IFX may be used to offer services related to a card, account, party (customer), transactions, etc. using the content developed and defined in the section above.

Benefit Feature
Card object
  • The Card Object supports the services related to the Issuing, Management and Servicing of Credit, Debit, Prepaid and Private Label cards. The Card support is intended to provide a representation of the physical card and associated attributes.
Card Order
  • The Card Order object can be used to:
    •  add new orders,
    •  track and update existing orders, and
    • inquire on card order history.
  • The messages associated with this object can be used to send orders to the card issuer/embosser, a customer, prospect or representative of customer or prospect of a financial institution.
Card relationships to accounts and parties
  • Effectively manage information specific to the relationship between a party and card
    • Elements that may be different for one party and card from those for another party to the same card
  • Effectively manage information specific to the relationship between a card and account
    • Elements that may differ in the relationship between one card and an account compared to the relationship between another card and the same account
    • A card may be linked to multiple checking, current, savings accounts as well as credit account(s)
Provide support for Rewards data
  • Rewards are point or monetary incentives accumulated based on financial or non-financial activity
  • Rewards are used to retain customers, drive customer loyalty, and increase sales and other activity
Card Transaction Addenda
  • Card networks provide addenda data with the card transactions
  • This data is displayed on statements and is required to be displayed for the CSRs and customers via the web and other channels
  • This extension supports Airline, Vehicle Rental and Lodging addenda
ATM content
ATM/POS

IFX for the ATM/POS Industry

Many of today’s ATM and POS environments use proprietary message formats. IFX is a business message specification that can be used as a financial industry standard eliminating the need for using proprietary message formats from ATMs or POS devices.

The benefits of IFX are numerous, including a more competitive vendor marketplace and easier integration with other channels and systems, as well as more detailed information to manage your network.

Addressing ATM/POS Industry Requirements with IFX

Though IFX is not specific to the ATM/POS industry, it is the defining standard for interoperability between ATM/POS terminals and authorizing systems.

The IFX business message specification used as a financial industry standard eliminates the need for proprietary message formats from ATM or POS devices. The multi-channel consistency (internet, ATM, POS, Teller, etc.) guarantees reliability and generates significant cost savings.

The Benefits of IFX Include:

  • Easier integration with other channels and systems
  • More detailed information to manage your network.
  • Vendor and technology independence
  • Rich and expanding feature set

Integrated with the Rest of IFX

IFX addresses the broader needs of the financial services industry with impact on the vertical lines of business, delivery channels and the vendors that sell into those channels. Financial institutions are implementing financial transactions using IFX for a number of different business offerings — for example, retail banking, commercial banking, wire transfers and bank-to-bank transactions.

 

Benefit Feature
Supports all types of financial transactions
  • Withdrawals, Transfers, Deposits, Account Inquiries
  • Statement print, Passbook print
  • Payments, Bill Payments, Top-ups
  • Credit Card Cash Advance
Full support for security, customer and service profile information
  • PIN Change, Customer Verification
  • DES, Triple DES
  • EMV
  • Remote key downloading
  • Message Authentication (MACing)
ATM Management
  • Device Alert Messages
  • Terminal Management
    • Open/Close messages
    • Local (Reg E) configuration
ATM Inventory Management
  • Currency and Non-currency inventory
  • Terminal balancing and subtotaling
  • Mid-point inventory adjustments
EBPP
Electronic Bill Payment and Presentment

IFX for Electronic Bill Presentment and Payment

In 1997-98, the InteroperaBILL initiative, fostered by the Banking Industry Technology Secretariat (BITS) and supported by the National Automated Clearing House Association’s (NACHA) Council for Electronic Billing and Payment, defined a widely accepted set of business practices that define how EBPP transactions should be conducted. The effort that went into creating the IFX for EBPP message set was based on the Service Provider model for EBPP defined at that time.

The Service Provider model is based on the concept that the process of delivering a bill from an originator (“the Biller”) to the receiver (the “Customer”) and processing the payment of the bill through the internet requires the participation of at least two entities, but most likely will involve more than that, since customers may access bill presentment and payment information through a variety of channels. IFX for EBPP focuses on making required information available to everyone involved in delivering the service.

Addressing the Needs of Bill Presentment and Payment with IFX

The complex business models found in Electronic Bill Presentment and Payment (EBPP) environments create two types of data exchange requirements: the need to capture all of the transactional data itself and the necessity for reliable coordination of the communication of that data. By definition, EBPP applications are dependent on the networks that they connect to. In order to transfer billing data from the originator through one or more service providers to the recipient, significant interactions must take place. EBPP can only work if all of the entities involved in delivering the services are able to communicate together in a reliable, flexible, economical fashion.

The participating entities can be separate financial institutions, corporations/billers, or service providers of various varieties – all of which may or may not have pre-established relationships with each other, sit within the same corporate walls, or even be located within the same country. The challenge to creating a messaging standard for EBPP is in assuring the successful interoperation of all parties involved in delivering the required services.

IFX Electronic Bill Presentment and Payment Features and Benefits

IFX for EBPP was built to accomplish these goals:

  1. Capture all of the data that is necessary to deliver the service while allowing room for customizations based on specific business needs
  2. Reliably deliver data across all of the entities involved in an EBPP environment
  3. Define consistent semantic intent of tagged data elements and specific value domains for enumerated options
Benefit Feature
Enrollment/Service Activation
  • Enrollment of customers with service providers
  • Assignment of appropriate usernames and passwords
  • Communication of disclosures for all involved parties
  • Activation of bill delivery service between customers and multiple billers
  • Registration and verification of customer payment methods
Bill Summary Delivery
  • Delivery of bill summary data that includes biller information, account numbers, total amount due, due date and billing period information
  • Inclusion of a bill detail link to be passed through the service provider to the recipient. This bill detail allows for click-through functionality that allows the customer to view line item detail data that is stored elsewhere and that is not communicated within IFX. Additionally, click-through functionality allows for single authentication of the user
  • Communication back to the biller that a bill summary was viewed by the customer
Payment Processing
  • Customer-facing payment functionality through service providers:
    • Ability to schedule payments for bills received
    • Ability to schedule recurring payments (such as for a mortgage, car loan, etc.)
    • Payment Status notification
    • Customer-initiated payments (pay anyone support)
  • Biller-facing payment functionality:
    • Support for multiple payment methods
    • Support for multiple payment service providers
    • Support for roundtrip payment functionality, including communication of remittance information
  • Support for multiple payment methods:
    • Check, electronic, ACH, FedNet, SWIFT, CHIPS, CHAPS, BookEntry, Draft
  • Support for multiple payment options:
    • Pay Anyone
    • Roundtrip Payment Remittance
    • Scheduled Payments (Recurring and Single)
  • Ability to determine the status of any payment and report to all the interested parties
Customer Care
  • Ability to provide status of bill presentment and payment to customers
  • Updates to account information
  • Communication of new disclosures
  • Facilitation of enrollment/de-enrollment in EBPP service
  • Support for changes in account information, such as account number and customer information
  • Ability for customer service reps to enroll and de-enroll in services on behalf of the customers
Ability to enable EBPP service to multiple billers.
  • Customer Authentication
  • Service Enrollment with Multiple Billers
  • Customer Disclosures Processing
Loans
Loans

IFX for Loans

A significant body of work related to Loans is available to members of IFX in the members-only collaboration space.

The Loans Working Group acts as the contact point for IFX discussions and work efforts related to:

  • Extending the Account object
  • Adding new objects as required to complete the coverage of all aspects of lending – e.g., collaterals and contracts (many have been defined)
  • Ensuring that the deliverables meet the Liaison & Interoperability Work Group (LIWG) requirements for interoperability with external standards
  • Establish new and modified objects and messages as required to support lending activities
  • Ensure the deliverables are aligned with LIWG recommendations
The Loans Working Group has started proposals to create new objects for the IFX BMS in addition to the content enhancements in existing IFX objects.

 

Benefit Feature
Loan Objects
  • Collateral
  • Credit Evaluation
  • Risk Credit Report
  • Census Tract
  • Credit Responsibility

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