IFX Specification Version 1.2

1
IFX Specification Version 1.2

• Press and Analyst Briefings
• October, 2001

2
Agenda

• Introductions
• IFX Forum
• IFX Specification
• Whats new with release 1.2
• Whats to come
• Adoption and usage
• Q A

3
Background Who We Are

• IFX Forum founded in 1997
• Formed to create a financial messaging standard
  that addressed the challenges of next generation
  applications.
• Self-governed membership body
• Organized in working groups to focus on specific
  areas of interests
• Architecture, EBPP and Business Banking

4
Background Who We Are

• Current Members include top financial
  institutions, service providers and software
  vendors.

5
IFX New Members

• Membership on the rise this year.
• Seeing interest across financial institutions,
  service providers and software vendors.
• New members this year
• CUNA
• Deutsche Bank
• eBank
• HNC Software
• Lending Tree
• State Farm Insurance
• WebMethods

6
What is IFX?

• Open XML Standard for Financial Services
• Publicly Owned
• Platform Independent
• Technology Neutral
• Industry Driven

7
What Makes IFX Different?

• Maturity Over four years in the making.
• Focused Design Principles
• Built for many computing models
• Built with interoperability in mind
• Universal connectivity
• Foundation for current and new online financial
  services
• Application environments
• Service provider applications
• Internal system communications

8
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.

9
IFX Components
10
New in Release 1.2

• Next generation applications being enabled by IFX
  usage
• Evidence to typical applications that benefit
  from implementing IFX.
• Validation of IFX Methodology

11
New in Release 1.2

• Business Banking and Payments
• Deployment in Bank of America and SAP partnership
  project
• Use IFX to transfer statements from Bank of
  America to SAP
• ATM Network Support
• NCR development of IFX-based SDK
• Enables next generation of web-based ATMs

12
New in Release 1.2

• Validation of IFX Methodology
• Six month long revision cycles
• Allows for quick implementation of new
  functionality
• Leverage off of existing rich set of content
• Exercise framework to implement customizations
  while maintaining backward compatibility

13
Whats to come

• Release 1.3 scheduled for April, 2002
• Introduction of consumer loan processing.
• Auto comes first mortgage to follow
• Introduction of student loan processing.
• Further development of features in business
  banking.

14
Whats to come

• Release 2.0 scheduled for October, 2002
• Incorporation of XML standards such as SOAP and
  others
• Allows for furthering IFX technology base.

15
IFX Adoption/Usage

• Adoption rising
• Seeing different types of applications
• Hot areas of development
• Business banking
• EBPP
• Lending
• International interest
• New applications needing an XML solution.
• Colder areas of development
• OFX migration applications
• PFM based

16
For more information

• Website www.IFXForum.org
• Email
• Michael Weiss MWeiss_at_avolent.com
• Estella Li ELi_at_IFXForum.org

17
BACK UP SLIDES
18
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

19
IFX XML Framework

• Transport Independent
• Universal Connectivity
• Error Recovery
• Mandatory DTD validation
• In-band Negotiation
• International Support

20
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.

21
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.

22
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