Presentation on theme: "Interactive Financial eXchange www.IFXForum.Org XML Usage in Financial Services Mark Tiggas President, Interactive Financial eXchange Open Applications."— Presentation transcript:
Interactive Financial eXchange www.IFXForum.Org XML Usage in Financial Services Mark Tiggas President, Interactive Financial eXchange Open Applications Group San Francisco, CA
Interactive Financial eXchange www.IFXForum.Org Agenda Financial Services and XML Standardization and what it brings to the table. Interactive Finance eXchange –Overview –Components IFX Forum
Interactive Financial eXchange www.IFXForum.Org What are Financial Services Services that handle money and all associated tasks for both B2B and B2C. –Banking –Loans –Credit Cards –Payments Who is interested? –Banks and other Financial Institutions –Third Party Service Providers –Independent Software Vendors –Consumers and Businesses alike
Interactive Financial eXchange www.IFXForum.Org Challenges in Financial Services Need to incorporate many disparate systems. –Legacy all the way to wireless. Need to incorporate many lines of business. –Financial institutions remain competitive by entering into new areas of growth. –Domestic and International markets Need for interoperability. –Streamline processes –Need to interoperate inside and outside of corporate walls.
Interactive Financial eXchange www.IFXForum.Org XML in Financial Services Promise of one language that can interconnect disparate systems. Easy to Create –Can be English-like –Plethora of new tools (Relatively) Easy to Implement –Several free parsers available –Cross-platform
Interactive Financial eXchange www.IFXForum.Org Need for Standardization XML is only part of the solution. Tower of Babel? –Easy to Create Many XML Dialects –No standardized syntax –No standardized constructs Need to implement a standardized language in order to achieve interoperability. –All need to be speaking the same language.
Interactive Financial eXchange www.IFXForum.Org What is IFX? Interactive Financial eXchange Sponsored by the IFX Forum –Collaborative effort made up of industry leading financial institutions, service providers and software vendors. Open XML Standard for Financial Services –Publicly Owned –Non proprietary –Industry Driven
Interactive Financial eXchange www.IFXForum.Org What makes IFX different? Maturity - Over four years in the making. Solid Design Principles –Built for many computing models –Built with interoperability in mind –Foundation for current and new online financial services. Usable in many types of applications –Internal system communications –Service provider applications –Supports Personal Financial Manager communications.
Interactive Financial eXchange www.IFXForum.Org What makes IFX different? Not just a set of implementation rules. Not just a framework for plugging in your own business rules. IFX is a complete XML standard that incorporates a flexible framework, core components and richly defined set of financial service transactions.
Interactive Financial eXchange www.IFXForum.Org IFX – XML Framework Consistently applied set of architectural rules (naming, data formats, usage guidelines, hierarchy, object definitions). Provides processing rules. Complete definition of methods. –Add, Delete, Mod, Inc, Audit, Sync Security Model independent Multiple Client Support
Interactive Financial eXchange www.IFXForum.Org IFX – XML Framework Transport Independent Universal Connectivity Error Recovery –Mandatory DTD validation –In-band Negotiation International Support
Interactive Financial eXchange www.IFXForum.Org IFX – Common Object Definition Allows for interoperability between services. Example: Complex definition of Customer –Allows for definition of what a customer is once. –Provides for supporting all of the banking needs for the customer – banking, insurance, loans, etc.
Interactive Financial eXchange www.IFXForum.Org IFX – Financial Services Content addresses areas of financial services Plug into the IFX Framework. All services leverage core components. All services are able to interoperate with each other. Standard Methodology for adding new services speeds innovation. Represents extensive business rules modeling by industry experts.
Interactive Financial eXchange www.IFXForum.Org IFX – Financial Services Core Banking –Statement downloads –Funds transfer –Debits and Credits Supports ATMs, POS Electronic Bill Presentment –Receive electronic bills Electronic Payments –Pay electronic bills –Make unsolicited payments –Extensive Business to Business Enhancements
Interactive Financial eXchange www.IFXForum.Org IFX Forum Overview Created by industry leading Financial Institutions, Software Vendors and Service Providers.
Interactive Financial eXchange www.IFXForum.Org IFX Forum – How to Participate Membership open to anyone interested in participating. A number of work groups available. Ability to sponsor new work efforts. Can attend two meetings before joining. More information visit our Website