Alexandria, Va., February 14, 2003 -- The Interactive Financial eXchange (IFX) Forum and the ANSI Accredited Standards Committee (ASC) X12 announced today a new Memorandum of Understanding to collaborate on data standards development for the financial services industries. Both organizations will work together to develop a single set of financial XML transactions that meet both organizations’ business and architectural requirements.
Industry leaders reviewing the agreement say cooperation between the IFX Forum and ASC X12 will speed integration of financial services specifications with other leading e-businesses. For banking customers, faster integration of specifications means faster delivery of new services and higher productivity across the financial services industries.
The IFX Forum creates open financial standards that harness the power of XML. ASC X12 is a cross-industry standards body accredited by the American National Standards Institute with more than 300 EDI transaction sets at work around the world. ASC X12's subcommittee X12 Finance (X12F) is the subcommittee writing EDI and XML transactions for the financial services industry.
As a result of the MoU: The IFX Forum will make its copyrighted XML-based business message specifications and data dictionary available to ASC X12 who will determine which aspects to include and reuse in a cross-industry interoperable messaging framework. The IFX Forum grants ASC X12 a royalty free, worldwide license to use, reproduce and distribute derivative works of the IFX specifications. Only extensions that have been approved by the IFX Forum can be referenced as IFX compliant. Conversely, only extensions that have been approved by X12F and ultimately by ASC X12 as a whole may be referenced as X12 compliant and hence an American National Standard.
Leaders of the IFX Forum and ASC X12 signed the MoU at a special session on Tuesday, February 4 when the two organizations co-located their meetings in Denver. "By holding our meetings in conjunction, we are able to facilitate a productive collaboration on XML business message development among the members of both organizations," said ASC X12 Chair David Barkley of Freddie Mac. "Both ASC X12 and the IFX Forum provide neutral and complementary environments to drive XML standards development and implementation."
"Bringing together the IFX Forum's XML architectural expertise and ASC X12's 20+ years of experience developing electronic data exchange standards ensures that our jointly developed XML messages are implemented by the widest user base possible," said IFX Chair Mark Tiggas of Wells Fargo.