IFX Forum to Incorporate ISTH Core Payment Kernel
The Interactive Financial eXchange (IFX) Forum, part of the International Standards Team Harmonisation (ISTH) initiative, is to include support for the initiative’s XML core payment kernel for corporate-to-bank payment initiation and status messages in the next version of the IFX specification. The IFX architecture committee is now reviewing – and expects to adopt – two variations of direct support for the payment kernel as early as late summer 2004. In one case, IFX payment messages may include a ‘wrapper’ that can include the payment kernel data in a form that can be passed directly to other systems unaltered, said IFX. In the second case, the same data will be represented, or mapped, in terms familiar to users of the current IFX standards. In both cases the key IFX characteristics of predictability and extensibility will be maintained, it added.