IFX Forum upgrades messaging specs

Source: IFX Forum

The IFX Forum has released an enhanced version of the IFX specification for electronic financial messaging, IFX 2.1.

The Forum's focus over the past year has been to evaluate and incorporate the significant amount of feedback received since its initial release of IFX Version 2.0, as well as to enrich the specification with new and improved content.

IFX 2.1 is an enriched, enhanced and extended update to IFX Version 2. Key updates in IFX 2.1 include:
• Support of the latest ISO 20022 payment initiation messages and improved mapping of IFX data to ISO 20022
• Significant improvements to support for services-oriented architecture (SOA), including user-definable services and improved message header support for routing to internal and external service nodes
• Additional support for card management capabilities, which have greatly expanded the definition of the IFX Card object (credit, debit, rewards, etc.)
• Improved support of transaction authorizations, including multiple party authorizations
• Important enhancements for foreign currency conversions and alternative currencies in payment scenarios
• Improved definition of recurring models for payments, transfers and orders
• Finalized list of deprecated items from IFX Version 1.x


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