WAKEFIELD, Mass.--(BUSINESS WIRE)--The IFX Forum announced today that it has published Version 1.9.1 of the IFX specification. The focus of the new version is to accommodate changes in ATM processing.
In a related matter, the Forum also announced a new Chair for its Architecture Committee, Mark Tiggas, a longtime IFX Forum Director and Officer who recently retired from Wells Fargo. The Architecture Chair serves a pivotal role, leading the group that approves the Working Groups' changes and enhancements to IFX and oversees their incorporation into the specification.
Release 1.9.1 includes two new features. The first introduces functionality for remote key loading compliant with the requirements recently introduced by the PCI Security Standards Council, which are to be rolled out in 2017. The second feature provides new mechanisms to support dynamic currency conversion, which provides the user of an ATM with information about the cost of a currency conversion in advance of the transaction, so that the user can choose to complete or abandon the transaction. Both features were developed by the Forum's ATM-POS Working Group, and were then approved by Architecture and the Forum's Steering Committee.
"I’m proud to follow in the footsteps of the keen minds that have led the IFX Architecture group. If not for them, IFX would not have the strong business and technology following that it has today," said Tiggas. "Release 1.9.1 demonstrates the ability of our members to collaborate effectively to deliver needed functionality quickly. As Architecture Chair, I will work to ensure continued agile response to the market."
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 for evaluation at no charge at http://bms.ifxforum.org/. The Forum's Annual Meeting will take place May 1-3 in Orlando, Florida, hosted by member Oracle. The meeting will feature intensive working sessions of the new Standardized Banking APIs Working Group. Registration for the event is now open.
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. More information can be found at http://www.ifxforum.org/join/. 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
The Interactive Financial eXchange (IFX) Forum is an international not-for-profit industry association whose mission is to develop the IFX business message specification and promote its adoption as an open, interoperable standard for financial data exchange. An agile standards development organization (SDO), the IFX Forum also promotes interoperability of industry standards by working cooperatively with other standards groups.
IFX is broadly used in practical implementations across the financial services industry, and is especially suited for financial institutions using Service Oriented Architecture (SOA). IFX contains thousands of data elements and hundreds of messages specifically designed for the financial services industry by industry experts. The standard is ideal for modern API-enabled deployments.
More information about IFX and the benefits of IFX Forum membership can be found at www.IFXForum.org.