WAKEFIELD, Mass.--(BUSINESS WIRE)--May 25, 2016 – The IFX Forum announced today that registration is now open for its Open Banking APIs Summit event, to be held June 21-23 at the U.S. Bank facility in Richfield, just outside Minneapolis, Minnesota – 15 minutes from the airport. The event will explore ways to address the growing imperative for banks to provide more open access to their data in order to serve a variety of needs in the marketplace. All those interested in exploring this important current topic are invited to attend.
Bank customers worldwide are demanding more freedom to share their account information with third parties in order to get the services they want. In the EU, open banking APIs are becoming a regulatory requirement; elsewhere banks are being put in a position where they must provide greater access while simultaneously protecting privacy and sensitive information. The June event will suggest approaches to meeting these challenges and provide the IFX Architecture Committee with guidance on how to optimize the IFX standard.
Sessions will cover:
- Charter development for a working group charged with adapting the IFX specification to REST architecture, JSON implementations and fine-grained IFX message-enabled services
- Implications for IFX, such as smaller messages, Service/API standardization strategies, IFX versioning considerations, and compatibility implications, as well as GUI, access control and code generation modifications
- Input from current implementers of APIs, with discussion of REST strategies and performance and coding style considerations
- Business requirements discussion, including strategy for gathering bank requirements and feedback from the NACHA Board of Directors
"With the topic of open banking APIs assuming an ever-higher profile, our June event will kick off a collaboration between banks and service providers that will lead to standardized data exchange mechanisms and recommended best practices," said IFX Forum President Richard P. Urban. "Building on our popular recent webcast, we urge people with a stake in providing safe, efficient open access to banking data to join us in June, and help start an effort that will deliver benefits to all sectors of the financial services industry."
As part of its initiative to help bring clarity, order and standardization to this topic, the IFX Forum earlier this month staged a free public webcast entitled "IFX Moves Forward with Open Banking APIs," which included real-world examples of IFX in action from Moven. The recorded webcast is now available for on-demand viewing.
The IFX Forum is an international non-profit industry association whose mission is to develop and promote the adoption of its open, interoperable standard for financial data exchange, IFX, which is available at no charge at http://bms.ifxforum.org/.
In addition to developing the IFX specification, the Forum actively engages in international standards activity, including longtime liaison efforts with ISO and contributions to ISO 20022, a leadership role in the Remittance Coalition set up by the U.S. Federal Reserve, and Memoranda of Understanding with ASC X9, BIAN and EPASOrg/nexo.
The Forum welcomes additional members to join in all its activities. The Forum also hosts a free IFX Discussion Forum, where knowledgeable Forum members and other subject matter experts will answer IFX-related questions from the public.
About the IFX Forum
Founded in 1997, the Interactive Financial eXchange (IFX) Forum is an international not-for-profit industry association whose mission is to develop IFX and promote its adoption as an open, interoperable standard for financial data exchange, suitable for use by all sectors of the financial services industry. The IFX Forum also promotes interoperability of industry standards by working cooperatively with other standards organizations and consortia.
Forum membership is open to all organizations interested in contributing to the development of open financial standards. Forum members include financial institutions, hardware, software and service firms, and related non-profit groups. 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. More information about IFX and the benefits of IFX Forum membership can be found at www.IFXForum.org.
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