Pinaki Guhahttp://www.linkedin.com/in/pinakiguha

Overview on IFX(Interactive Financial eXchange)

Outline

Why Industry Standards

What is IFX

IFX Framework

IFX Objects

IFX Messages

Resources

Why Industry Standards?

Banking and Financial Service Industry is steadily emerging as a practical,

serviceable, mobile and seamlessly usable service when and where we need it.

However, the challenges are:

Several IT application vendors following their own standards to solve

problems in the same domain/sub-domain.

Within the organization closed-end applications obstructing internal

communications.

Possibilities of interactions increasing exponentially, surpassing national and

geographic boundaries.

Why Industry Standards? (cont..)

All these lead to the problems like:

Difficulty in merger and acquisitions

Slow to adapt business changes

Unable to bring in new technology

Difficulty to create combined IT environment

Lack of single point of truth

Inability to operate seamlessly across the channels

Why Industry Standards? (cont..)

What Industry Standards do?

Defines a common business language, which is required to cost-effectively

integrate business processes between systems.

Builds for business process interoperability particularly with respect to the

exchange of funds with same or other financial networks.

Enables business process flexibility by providing concrete rules for integration.

What is IFX ?IFX means

Interactive Financial eXchange

IFX Forum, Inc. is the formal name of the organization

The IFX Forum maintains the IFX Standard a Business Message Specification (BMS)

Website: www.ifxforum.org

What is IFX ? (cont..)

The IFX Business Message Specification (BMS) is designed to meet the business requirements of

the global financial services industry in the areas it addresses. The standard is based on Service

Oriented Architecture (SOA) and object-oriented design principles. It is technology neutral but

generally implemented using XML.

Key concepts in IFX Framework

Communication Framework

Reusable objects

Service Oriented Architecture

In 1997 IFX Forum, an international not-for-profit industry association was founded to

• develop the IFX Business Message Specification (BMS)

• promote its adoption as an open, interoperable standard for financial data exchange.

In 2008 IFX 2.0 was released – fully supporting the technical principles of Service

Oriented Architecture (SOA) and Web Services. Current release in 2.3.

In 2011 IFX formed the Liaison and Interoperability Work Group (LIWG) for managing

interoperability with other standards and to spearhead efforts such as:

• Submitting content to the ISO 20022 Registration Authority

• Proof of concept with BIAN to implement their defined services using IFX

In 2013 IFX formed the SOA Work Group.

What is IFX ? (cont..)

Historical and current working groups include:

Business Banking

ATM/POS

Branch Banking Services

Electronic Bill Presentment and Payment

Web Services Card Management Services

Liaison & Interoperability Working Group

SOA Working Group

What is IFX ? (cont..)

What is IFX ? (cont..)The IFX standard is based on Service Oriented Architecture (SOA) and object-oriented

design principles. It is technology neutral but generally implemented using XML.

Features of IFX Specification Open Interoperable Flexible Secure Reliable Platform- and transport-independent International support Service oriented principles Batch and Interactive sessions

IFX FrameworkOverview of Framework

A Service Provider offers Services to the client

A Service Provider is uniquely identifiable.

Each service is uniquely identifiable within the service provider’s domain.

IFX Objects are "owned" or “managed” by the Service that creates or

instantiates the object.

A service has a schedule and consists of one or more IFX message(s)

IFX Messages are directed to a Service Provider, who may in turn redirect

the message(s) to another service provider.

IFX Framework (cont..)Overview of Framework

Service<Svc>

SvcName

Optional Behavior

<OptionProfile>

Operations<OperSupt>

Interface(Design)

Messages<MsgSupt>

OperRules

Identified by

manifests

May be an Instance of

Composed of

Composed of Composed of

Manifests

Composed of

Composed of

ServiceProvider<SvcProvider>

SvcProviderName(globally unique

URL)

Identified by

Offers 1 or more

has SvcProviderProfile

<SvcProviderInfo>

Party Subscribes to

Terms & Conditions(Disclosures)

<Disc>

has

accepts

Messages can be routed to SvcProvider at URL

Accounthas

Draws from has

PrcSched

* Diagram taken from ifxforum.org

IFX Objects A set of common objects creates the foundation of the IFX standard.

An IFX object is a set of data that is organized according to a consistent

pattern and supports a well defined set of operations.

An IFX object must have a name and some properties associated with it.

There are several types of properties that an object may have

IFX Objects (cont..)

IFX Object

Element Aggregate

IFX Objects are constructed based on following building blocks:

• Element - single pieces of information with defined data types.

An element has

Name

Definition

Usage rule (optional)

• Aggregate - groups of related elements identified by a single name for

convenience.

IFX objects are defined as a collection of segments.

A segment is usually defined by an aggregate or, in the case of the Id segment,

a variable of type Identifier. A segment is a collection of properties that have

similar operational characteristics.

IFX Objects (cont..)

Following diagram shows serialized representation of a full object (represented by a "Rec" aggregate).

xxxId (type: Element)

Segment 1

xxxInfo (type: Aggregate)

Segment 2

xxxEnvr (type: Aggregate)

Segment 3

xxxStatus (type: Aggregate)

Segment 4

xxxRec

Provides unique identifier or name

Contains client managed data. Example: name,

address etc.

Contains environmental data including computed

properties. For example, CreatedDt, LastUpdateDt etc.

Indicates the status of the object.

xxxAuth (type: Aggregate)

Segment 5Contains authentication and authorization information

IFX Objects (cont..)

A full object xxx can be represented by an "xxxRec" aggregate that consists of:

IFX Objects (cont..)

*Source: IFX Specification ver 2.3 ifxforum.org

Example of IFX object specification - Party Object*Defines the object and its characteristics, usage

Lists the elements, and structures that the object can contain

Lists the methods, request and response codes can be applied on the object

*Source: IFX Specification ver 2.3 ifxforum.org

IFX Objects (cont..)

IFX Messages

All IFX messages are patterned after a common set of conceptual IFX

messages. These message implement a well defined set of actions on IFX

objects

Messages always act on a particular object

Optionally any method can be added to any Object message.

IFX Messages (cont..)Examples:

• Add Messages - The xxxAdd message supports creating a new instance of an xxx object.

• Cancel Message - The xxxCan message is used by a client to cancel a previously added instance of an xxxobject, or cancel an existing scheduled object.

Party + Add + Request = PartyAddRqAccount + Cancel + Request = AcctCanRq

IFX Messages (cont..)

IFX Message specification (Example)xxxAddRq (Add method request/invocation)

*Source: IFX Specification ver 2.3 ifxforum.org

xxxAddRs (Add method response/completion)

Resources• Visit www.ifxforum.org• Register to access the IFX Business Message Specification.

IFX Forum members and paid subscribers can additionally access the automated XSD generator• Join IFX Forum face to face meeting ( meeting fee for non-members)

Membership information: www.ifxforum.org/join/Subscription information: www.ifxforum.org/standards/ifx_subscriptions/Reference Document:

IFX Standards Online: http://www.ifxforum.org/standards/standard/

Thank You