The Interactive Financial eXchange Forum today announced the official formation of a Loans Working Group, following approval of its charter by the IFX Forum Steering Committee.
The focus of the new Working Group will be to extend the IFX framework to include support for additional aspects of lending not previously included in the specification.
The IFX Forum is an international non-profit industry association whose mission is to develop and promote the adoption of its open, interoperable standard for financial data exchange. The IFX Business Message Specification (BMS) is available at no charge at bms.ifxforum.org/.
The Loans WG has held its formative meeting and has elected as its Chair Bryan Walley of City National Bank. Some of the other IFX Forum members participating in the new Working Group are ACI Worldwide, Inc.; CSC; FIS; and Tata Consultancy Services. All IFX Forum members are invited to send representatives to the new group.
The Loans WG will be the contact point for all IFX Forum discussions and work efforts related to extending existing IFX objects related to lending, and to adding new objects as required, in order to complete coverage of all aspects of lending, such as collateral and contracts. The group will also work to ensure that its deliverables meet the Forum's requirements for interoperability with external standards.
"Several years ago, the IFX Forum began work in the area of loans, but additional participation was needed to deliver a comprehensive set of materials. We're very pleased that City National Bank has now supplied the leadership resources to accomplish this," said IFX Forum President Richard Urban. "When completed, the new Loans content will enhance the usefulness of the IFX specification and extend its application to important areas of financial services, which will have far-reaching benefits. I encourage anyone who is interested to join this effort."
The Loans Working Group will hold its first intensive hands-on meeting at the IFX Forum's Annual Meeting, which will take place in Minneapolis from April 30 through May 2. Details about the meeting and a link to regilink to register will be posted at www.ifxforum.org. In the meantime, the group will carry out its work via regularly scheduled teleconferences.
The IFX Forum's membership includes organizations from a dozen countries on four continents. In addition to developing IFX, the Forum actively engages in international standards activity, including longtime liaison efforts with ISO and contributions to ISO 20022, a collaborative effort with BIAN (the Banking Industry Architecture Network) focusing on interoperability in payment execution, a leadership role in the Remittance Coalition set up by the U.S. Federal Reserve, and a Memorandum of Understanding with X9. The Forum welcomes additional members to join in all its activities. More information can be found at ifxforum.org/join/.