IFX for the ATM/POS Industry
Why the Industry Needs IFX
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.
The IFX Forum is made up of a wide range of financial industry leaders that includes leading global banks, financial service providers and technology vendors.
What Is IFX?
IFX is a mature, well-designed, business message specification developed by the financial industry and leading technology providers. It is based on decades of industry experience and clear well-defined design principles. The result of this collaboration between the financial industry and the technology providers is a strong, open architecture that supports extensibility, efficiency and interoperability. IFX is not specific to the ATM/POS industry. It is the defining standard for interoperability between ATM/POS terminals and authorizing systems.
- IFX is an open standard. IFX will replace proprietary specifications and is platform independent. IFX is also object oriented and leverages XML.
- IFX is multi-channel. For example, if a bank is using IFX messages in their Internet Banking channel to allow a customer to do transfers, balance inquiries, and reorder checks those same IFX messages can be used in the ATM channel.
- IFX is vendor independent. There's nothing in the IFX specification that is specific to any vendor.
- IFX is feature rich. IFX already contains many messages that are required today and in the future for use at ATMs (e.g. deposit, withdrawal, balance inquiry, transfer, bill presentment, bill payment, valuable media service, terminal management and monitoring).
Where Is IFX in the Financial Industry?
What business benefits are Financial Institutions looking for? Customers want:
- Significant business benefits and cost savings by using one consistent open standard
- Consistency across delivery channels (e.g., Internet, teller, ATM, POS, etc.)
- The use of multiple services. IFX services include the following:
- Base service, including messages related to security, customer and service profile information
- Banking services, containing messages related to account inquiries, transfers, deposits, withdrawals, and other core banking services
- Valuable media service, including messages related to keeping track of such items as cash and postage stamps located at client devices (e.g., ATMs)
- Root service, containing messages for device management and terminal management
- Bill Presentment services, contains messages for the presentment of bills, notices, and invoices to customers
- Pay service, includes messages for performing both consumer and business payments
- Control of switch and terminal software migration by the FI, not the switch and ATM software vendor, which means that they will not be constrained by the implemented technology
Integrated with the Rest of IFX
IFX as a payment mechanism is starting to permeate the financial services industry, with impact on the vertical lines of business, delivery channels and the vendors that sell into those channels. Financial Institutions will be implementing financial transactions using IFX for a number of different business offers, for example retail banking, commercial banking, wire transfers, bills of lading and bank to bank transactions.
IFX for the ATM/POS Industry - Features
| Feature | IFX 1.4 |
| Financial Transactions |
|
| Withdrawal |
|
| Transfer |
|
| Balance/Account Inquiries |
|
| Envelope Deposit |
|
| Cash Deposit |
|
| Cash Recycling |
|
| Check Deposit |
|
| PIN Change |
|
| Statement Print |
|
| Card Verification |
|
| Customer Verification |
|
| Payment Enclosed |
|
| Passbook Print |
|
| Top-Up |
|
| Payment |
|
| Bill Payment |
|
| Credit Card Cash Advance |
|
| Non-Currency Dispense |
|
| Security Functionality |
|
| DES |
|
| Triple-DES |
|
| Remote Key Downloading |
|
| Message Authentication (MACing) |
|
| EMV |
|
| ATM Device Management (State-of-health) |
|
| Alert Messages |
|
| ATM Terminal Management |
|
| Open/Close Messages |
|
| Local (Reg E) Configuration |
|
| ATM Inventory Management |
|
| Terminal Balancing |
|
| Terminal Subtotaling |
|
| Mid-point Inventory Adjustments |
|
The ATM-POS Working Group
The purpose of the IFX ATM/POS Working Group is to create the IFX messages necessary to enable the ATM and POS channels to be supported, so that financial institutions will be able to use one standard message specification, IFX, across all their delivery channels. The ATM/POS WG intends to accomplish this through modifications to the IFX specification, likely in the following sections: Security, Root Service, Base Service, Banking Service and Valuable Media Service. In addition, new services may be introduced.
Members of the Working Group include hardware manufacturers, software developers, service providers, financial institutions and industry consultancies. Representatives from the ATM/POS WG participate in the IFX Architecture committee meetings, presenting proposed messages or modifications required to meet the channel's needs. Face-to-face working meetings are held in conjunction with the IFX Forum quarterly meetings in locations as scheduled by the IFX Steering Committee.
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