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IFX Working Groups

The International Standards Team Harmonization (ISTH) aims to create a unified core payment XML schema for global use by all corporations, regardless of industry or size, and by any servicing bank regardless of location. The group, which includes notable members like Bank of America, Wells Fargo, and SWIFT, focuses on developing ISO 20022 messages such as Customer Credit Transfer and Direct Debit Initiation. Current efforts involve addressing over 100 change requests to ensure interoperability and optimal business processes impacting various financial infrastructures.

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IFX Working Groups

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  1. IFX Working Groups ISTH – International Standards Team Harmonisation

  2. Agenda • Purpose of group • Participating members • Key content developed by group • Business processes impact • Current focus

  3. Purpose • Collectively seek to drive a single core payment XML kernel that can be used globally by any corporate irrespective of size and sector and by any servicing bank irrespective of location • Agree upon business model • Recommend a core payment • Identify a method of interoperability • Define payment instruction components and related advise/status messages

  4. Members • IFX Forum • Bank of America, Wells Fargo, Citibank • OAGi • OAGi, Oracle • SWIFT • TWIST • TWIST, ABN Amro, JPMorgan Chase

  5. Key Content • ISO 20022 messages • Customer Credit Transfer Initiation V2 • Customer Direct Debit Initiation V1 • Payment Status Report V2 • Bank to Customer Account Report V1 • Bank to Customer Statement V1 • Bank to Customer Debit Credit Notification V1 • ISO 20022 Message User Guides (MUG)

  6. Business Process Impact • Market infrastructure • SEPA • NACHA • Federal Reserve • Banks • Bank of America • BNP Paribas • Citibank • HSBC • JPMorgan Chase • Nordea • RBS • Societe Generale • Corporate organizations • GE • Microsoft • Nokia • IKEA • Merck • Johnson and Johnson • Pfizer • Many others • Application vendors • Oracle • SAP • Sungard • WallStreet

  7. Current Focus • ISO 20022 Maintenance Change Request 2009 • Over 100 change requests • Results in new versions of messages in Q2 2009 • ISO 20022 MUG • Update to Credit Transfer, Direct Debit and Payment Status • Creation of Bank to Customer Cash Management

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