Source: IFX Forum
NACHA—The Electronic Payments Association and the Interactive Financial eXchange (IFX) Forum today jointly announced their intention to pursue a strategic combination of their organizations to accelerate and strengthen the development of standardized Application Programming Interfaces (APIs) in support of the diverse global financial services industry.
NACHA and IFX Forum see great value in aligning the API development priorities of both NACHA’s API Standardization Industry Group (ASIG) and the IFX Open Banking APIs Working Group. The complementary work of these two groups enables a natural and timely alignment that is beneficial for all industry stakeholders. IFX Forum will retain its global and non-profit status, and operate as an independent group within and supported by NACHA, with its own governing board. Finalization of the combination is planned to occur at the end of the first quarter of 2018.
“The powerful combination of IFX Forum’s established leadership in financial industry standards, along with additional technical expertise in the area of API message development, and NACHA’s leadership in payment and adjacent standards will accelerate this innovation,” said NACHA President and CEO Janet O. Estep. “The organizations will be able to build relevant standards in existing and new business domains.”
“Both organizations share common interests,” said IFX Forum President Richard Urban. “The IFX Forum and NACHA combination will enable natural and timely alignment that is synergistic and healthy for all members from a technical and business perspective.”