The Interactive Financial eXchange Forum announced today that it has published Version 2.2 of IFX, its open, interoperable standard for financial data exchange.
The IFX Forum is an international non-profit industry association whose mission is to develop and promote the adoption of the IFX specification. The new version's enhancements expand the applicability of IFX to new scenarios and situations, such as mobile and Internet banking, making it more flexible and useful for financial services in the 21st century. Operational improvements and some corrections to existing material were also made.
Important extensions to IFX in Version 2.2 include:
• Marketing support, such as features for incorporating and tracking marketing campaigns and offers
• Valuable specific additions, such as provisions for recurring payments and issuing alerts to account holders
• Administrative enhancements, such as loss tracking and support for card inventory management
• Provision for parent-child account-to-account relationships
• Added functionality for account pricing, delinquency tracking, and portfolio segmentation of customers and accounts
"IFX 2.2 is a significant release," said Richard P. Urban, President of the IFX Forum. "Our Working Groups, particularly the Cards Management and Servicing group, and Architecture Committee have put in a great deal of time and effort to augment the specification with meaningful content. Continued development of the IFX specification further enhances the benefits of joining the IFX Forum."