Presentation on theme: "Wells Fargo Services Company"— Presentation transcript:
1Wells Fargo Services Company Cash Management ForumMark SB TiggasChairman, IFX ForumSr. Vice PresidentWells Fargo Services Company
2Agenda The Problem/Requirements Describe IFX How IFX is the natural solution to couple a bank and its Cash Management customersHow IFX is the obvious, evolutionary step for Cash Management vendorsActivities underway
3The ProblemLinking commercial banking customers’ business applications with their banks’ Cash Management systemsI-N-T-E-G-R-A-T-I-O-NOne-click in my ERP yields a completed transaction at my bank(s) and/or other partiesStatus visibility to understand progress throughout the life of a transaction
4The EvolutionOn the current, evolutionary tack, ERP vendors will steal the market.For CM vendors, the surest path to extinction is to remain proprietary. And, it’s not just automating a cumbersome model – the Web won’t save you.For FIs, the surest path to losing customers is to remain on proprietary solutions.Is this your sales chart?
5My Purpose Today1. Inform: There is a better way to do business than one-off or roll-your-own solutions for connecting customers with their banksThere is no advantage to even more proprietary solutionsThere are discernable patterns which have been identified and now need to be leveraged.More…
6My Purpose Today (continued) 2. Persuade: IFX embodies many of those patterns as the foundation for message structure and the machine-to-machine dialogYou can help identify and develop additional solutions / patterns as needed
10A Better WayRather than swivel, a model of standardized messages and processes enables better/faster/stronger integration of treasury functions and banks’ solutionsWhat we have here is… the blueprint for a portable software and messaging solutionSupports multiple interaction modelsreal-timenear-real-timebatch
11Broadly Speaking, IFX is: “A targeted Financial solution for connecting the business processes of members of a banking relationship.”
12Simply Stated, IFX is: In business terms- In technical terms- A robust set of business messagesA well-defined set of rules to carry on a business dialogIn technical terms-An object model with well-defined attributes and methods for banking transactions
13And More Specifically, IFX is: A collection of messages necessary to build a distributed banking platformRobust & complete - to accommodate most use cases and extensible to new usesBusiness rules and expectations for each role in a distributed environmentHype aside, it’s not about XML, it is about:System to system communicationOrchestrating business processes between companiesConnecting internal and/or external systems
19Considerable Investments Started in 1997Intellectual Investments30+ leading FIs from USA, Europe & AsiaSignificant tool/platform vendorsLeading application vendorsTime Investments70+ face-to-face meetings550+ teleconferences21,000+ person hours2,800+ Box lunches…
20What does IFX enable today ? Communication of account information and transactions for Banking such as Balance Inquiry, Credit, Debit and Credit Card, etc.Communication of Payments and Remittance transactions for Business and ConsumerThe exchange of Bill Presentment informationDevice communications for Debit, Credit and ATM Valuable Media - money, stamps, etc.Supports the exchange of Property and Casualty Insurance* information* Insurance Messages are developed and maintained by ACORD
21“BBWG” Addresses Your Needs Balance and Transaction ReportingGlobal Corporate Payment ModelPositive Pay ServicesComprehensive Remittance ModelRelationship of Accounts to PartiesAdvise Message support for pushing info to other partiesCheck Orders
22BBWG Future Activities Account AnalysisNew Account OpenTax PaymentsLetter of CreditEnhanced Foreign ExchangeImport/Export SupportSTPAnd You Could Help!
23How Can You Learn More? www.ifxforum.org The specification and supporting materialsUser GuidesWatch IFX site for educational opportunities or attend a meetingContact me: