The Interactive Financial eXchange (IFX) Forum, a group developing electronic business-to-business standards for the financial services industry, announced this week that it will support the International Standards
The kernel enables corporate-to-bank payment initiation and status messages, IFX said in a statement.
IST Harmonisation has been around since 2003. Its goal is to prevent the duplication of standards efforts around the payment kernel. IFX Forum is a key member of the group.
"This kernel is the culmination of a lot of work inside a cooperative arrangement that is completely consistent with IFX Forum's mission of interoperability and our track record of delivering extensible financial messaging standards that are rich in payment content," said Richard Urban, President of the IFX Forum in a statement.
IFX expects to adopt the kernel as part of its spec by the end of the summer. There are two variations of the kernel currently under review. In one, IFX payment messages may include a "wrapper" that can include the payment kernel data in a form that can be passed directly to other systems unaltered. In the second case, the same data will be represented, or mapped, in terms familiar to users of the current IFX standards, IFX said in a statement.
The kernel's message models and XML schemas are based on the latest ISO standard, and include financial data components required for payment messages in any currency. It can be processed by any bank.
All participating organizations have committed to including the kernel in their own sets of standards. Nine major banks collaborated on the kernel: ABN AMRO, Bank of America, Citibank, Deutsche Bank AG, HSBC, JPMorgan Chase, Nordea, Standard Chartered and Wells Fargo.