IFX members and these partners may sign in to our collaboration space using the links below.
Because it is not possible for one standard to address all of the needs of the financial services industry, the IFX Forum works closely with other organizations to foster interoperability, through its Liaison & Interoperability Working Group.
The IFX Forum has informal agreements or formal Memorandums of Understanding (MoU) regarding with many organization covering many aspects of the financial services industry.
IFX Forum, Inc. was a founding member of the ISTH workgroup in 2003 along with TWIST, SWIFT and OAGi, which resulted in the initial ISO 20022 specification. The stated goal of that group was to recommend a common core payment message and transaction that could be accepted into each of the standards. The IFX Forum implemented that payment kernel in its 2004 Version 1.6 release.
In 2014 the IFX Forum completed the ISO standalone remittances messages. The IFX Forum has also, by invitation, taken a leadership role in the Remittance Coalition launched by the U.S. Federal Reserve.
Representatives of the IFX Forum regularly attend and participate in meetings of these standards bodies, such as the ISO TC68 Plenary Sessions.
IFX Forum and BIAN are leaders in standardization in the banking industry. Both organizations have strength and roots in Service Oriented Architecture. Itâs no surprise, then, that we have many member companies in common. And in both formal and informal discussion with these members we have found a strong desire to bring to market the fruits of efforts made in both standards.
The Memorandum of Understanding established between the two organizations was just the beginning!
nexo and IFX Forum have been working together since 2014 to bring a version of the IFX ATM/POS content to ISO 20022. In 2015 the first set of messages was approved and a second set of messages will be submitted for approval in 2016.
Forum representatives also educate other audiences about the work of standards bodies, such as the presentation at the McKinsey & Company Payments Operations and Strategy Forum on July 11, 2013 in Miami by Susan Colles, Director of Global Standards, Bank of America Merrill Lynch (along with Ralph Hertlein, EVP of Operations, OAGI), entitled "The Global Unification of Financial Messaging: Exploring best practices with ISO 20022."
IFX Forum representatives regularly attend the Chicago Payments Symposium and also participate in many NACHA Meetings