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Bank of America rep explains how IFX uses ISO messaging standard

June 22, 2009

gtnews.com: Susan Colles of Bank of America, on behalf of the IFX Forum, says the IFX standard has incorporated the ISO "UNIFI" standard, after the forum led an effort to harmonize existing materials from four separate organizations. The Interactive Financial eXchange Forum was formed in 1997 to create a messaging standard for financial services that would address the challenges faced with the network-based computing models. Based on the work previously done by the Open Financial eXchange and IBM/Integrion GOLD standard, the forum proceeded to re-invest all of the knowledge gained from those standards to design a new-generation XML standard that would be usable in many types of environments, extensible to cover many types of financial transactions, and globally aware, in recognition of the increased need to communicate around the world. With the inclusion of the ISO 20022 messages within the IFX framework, the data syntax and message structure can be utilized across multiple environments within an organization — interactively when a request/response environment is necessary and in a push/pull infrastructure for automated message or file interfaces.

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