Presentation on theme: "Interactive Financial eXchange www.IFXForum.Org Cash Management Forum Mark SB Tiggas Chairman, IFX Forum Sr. Vice President Wells Fargo Services Company."— Presentation transcript:
Interactive Financial eXchange Cash Management Forum Mark SB Tiggas Chairman, IFX Forum Sr. Vice President Wells Fargo Services Company
Interactive Financial eXchange 2 Agenda The Problem/Requirements Describe IFX How IFX is the natural solution to couple a bank and its Cash Management customers How IFX is the obvious, evolutionary step for Cash Management vendors Activities underway
Interactive Financial eXchange 3 The Problem Linking commercial banking customers business applications with their banks Cash Management systems I-N-T-E-G-R-A-T-I-O-N One-click in my ERP yields a completed transaction at my bank(s) and/or other parties Status visibility to understand progress throughout the life of a transaction
Interactive Financial eXchange 4 The Evolution On the current, evolutionary tack, ERP vendors will steal the market. For CM vendors, the surest path to extinction is to remain proprietary. And, its not just automating a cumbersome model – the Web wont save you. For FIs, the surest path to losing customers is to remain on proprietary solutions. Is this your sales chart?
Interactive Financial eXchange 5 My Purpose Today 1. Inform: There is a better way to do business than one-off or roll-your-own solutions for connecting customers with their banks There is no advantage to even more proprietary solutions There are discernable patterns which have been identified and now need to be leveraged. More…
Interactive Financial eXchange 6 My Purpose Today (continued) 2. Persuade: IFX embodies many of those patterns as the foundation for message structure and the machine-to-machine dialog You can help identify and develop additional solutions / patterns as needed
Interactive Financial eXchange 7 Getting back to the problem…
Interactive Financial eXchange 9 4/5 Surveyed Would Prefer a Better Way
Interactive Financial eXchange 10 A Better Way Rather than swivel, a model of standardized messages and processes enables better/faster/stronger integration of treasury functions and banks solutions What we have here is… the blueprint for a portable software and messaging solution Supports multiple interaction models –real-time –near-real-time –batch
Interactive Financial eXchange 11 Broadly Speaking, IFX is: A targeted Financial solution for connecting the business processes of members of a banking relationship.
Interactive Financial eXchange 12 Simply Stated, IFX is: In business terms- –A robust set of business messages –A well-defined set of rules to carry on a business dialog In technical terms- –An object model with well-defined attributes and methods for banking transactions
Interactive Financial eXchange 13 And More Specifically, IFX is: A collection of messages necessary to build a distributed banking platform Robust & complete - to accommodate most use cases and extensible to new uses Business rules and expectations for each role in a distributed environment Hype aside, its not about XML, it is about: –System to system communication –Orchestrating business processes between companies –Connecting internal and/or external systems
Interactive Financial eXchange 14 IFX: Just messages? No!
Interactive Financial eXchange 19 Considerable Investments Started in 1997 Intellectual Investments 30+ leading FIs from USA, Europe & Asia Significant tool/platform vendors Leading application vendors Time Investments 70+ face-to-face meetings 550+ teleconferences 21,000+ person hours 2,800+ Box lunches…
Interactive Financial eXchange 20 What 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 Consumer The exchange of Bill Presentment information Device 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
Interactive Financial eXchange 21 BBWG Addresses Your Needs Balance and Transaction Reporting Global Corporate Payment Model Positive Pay Services Comprehensive Remittance Model Relationship of Accounts to Parties Advise Message support for pushing info to other parties Check Orders
Interactive Financial eXchange 22 BBWG Future Activities Account Analysis New Account Open Tax Payments Letter of Credit Enhanced Foreign Exchange Import/Export Support STP And You Could Help!
Interactive Financial eXchange 23 How Can You Learn More? –The specification and supporting materials –User Guides Watch IFX site for educational opportunities or attend a meeting Contact me: