IFX Supports ISTH with Release of Version 1.6
The Interactive Financial eXchange (IFX) Forum has released an updated version of its IFX message specification which incorporates the XML core payments kernel for corporate-to-bank payment initiation and status messages. Version 1.6, which is open for review, was developed to support International Standards Team Harmonisation (ISTH) and follows on from IFX’s commitment to create an additional version of its standard, before it completes work on Version 2.0. IFX says that with Version 1.6, payment messages can include the payment kernel data in a form that can be passed directly to other systems unaltered. This support allows most IFX users to provide all the data necessary for interoperability with the international standard while remaining consistent with the IFX object model. The IFX Forum, comprised of representatives of leaders in the financial services industry, is a not-for-profit standards-developing organization working to develop a robust framework for the electronic business-to-business exchange of data among financial service institutions around the world.