Interactive Financial eXchange Cash Management Forum Mark SB Tiggas Chairman, IFX Forum Sr. Vice...

Interactive Financial eXchange

www.IFXForum.Org

Cash Management Forum

Mark SB TiggasChairman, IFX Forum

Sr. Vice PresidentWells Fargo Services Company

Interactive Financial eXchangewww.IFXForum.Org

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Agenda

• The Problem/Requirements• Describe IFX• How IFX is the natural solution to

couple a bank and its Cash Management customers

• How IFX is the obvious, evolutionary step for Cash Management vendors

• Activities underway


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The ProblemLinking commercial banking customers’

business applications with their banks’ Cash Management systems

• I-N-T-E-G-R-A-T-I-O-N• One-click in my ERP yields a

completed transaction at my bank(s) and/or other parties

• Status visibility to understand progress throughout the life of a transaction


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The EvolutionOn the current, evolutionary tack,

ERP vendors will steal the market.For CM vendors, the surest path to

extinction is to remain proprietary. And, it’s not just automating a cumbersome model – the Web won’t save you.

For FIs, the surest path to losing customers is to remain on proprietary solutions.Is this your

sales chart?


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My Purpose Today

1. Inform: There is a better way to do business than one-off or roll-your-own solutions for connecting customers with their banks

• There is no advantage to even more proprietary solutions

• There are discernable patterns which have been identified and now need to be leveraged.

More…


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My Purpose Today (continued)

2. Persuade: IFX embodies many of those patterns as the foundation for message structure and the machine-to-machine dialog

You can help identify and develop additional solutions / patterns as needed


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Getting back to the problem…


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“Swivelware” Aggregation

ERP

“The Aggravated Aggregator”


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4/5 Surveyed Would Prefer a Better Way


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A Better Way• Rather than swivel, a model of

standardized messages and processes enables better/faster/stronger integration of treasury functions and banks’ solutions

• What we have here is… the blueprint for a portable software and messaging solution

• Supports multiple interaction models – real-time– near-real-time – batch


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Broadly Speaking, IFX is:

“A targeted Financial solution for connecting the business processes

of members of a banking relationship.”


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Simply Stated, IFX is:

• In business terms-– A robust set of business messages– A well-defined set of rules to carry

on a business dialog

• In technical terms-– An object model with well-defined

attributes and methods for banking transactions


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And More Specifically, IFX is:• A collection of messages necessary to

build a distributed banking platform• Robust & complete - to accommodate

most use cases and extensible to new uses• Business rules and expectations for each

role in a distributed environment• Hype aside, it’s not about XML, it is about:

– System to system communication– Orchestrating business processes

between companies– Connecting internal and/or external

systems


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IFX: Just messages? No!

+get()+set()

+identifier : int

Identifier«interface»

Ifxinfo

+ifxObjectId : Identifier+ifxInfo : Ifxinfo

IfxRec

+IfxRec : IfxRec

IfxObject

+add(in Ifxinfo : Ifxinfo) : IfxRec+mod(in IfxObjectId : Identifier, in IfxInfo : Ifxinfo) : IfxRec+del(in IfxObjectId : Identifier) : IfxRec+can(in IfxObjectId : Identifier) : IfxRec+inq(in IfxSelectionCriteria : IfxSelectionCriteria) : Vector+aud(in IfxObjectId : Identifier) : Vector+sync(in token : Token) : Vector

«interface»IfxMethods

CSP = CPP

Biller CustomerCustomer

BPP

BSPBSP

7

1

243

6

CPP

CSP


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Consistent Message Names

• Class– Acct

• Object– Bill– Pmt– Cust– Svc

• Property– Bal– Status

• Method– Add– Mod– Del/Can– Inq– Aud– Sync

• Direction– Rq– Rs

ClassClassObjectObjectPropertyPropertyMethodMethodDirectionDirection


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Service Overview

Base Service–Banking Service–Pay Service–Bill Presentment Service–Valuable Media Service


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SAMPLE! Msg Structure: PmtAdd• PmtAddRq

– RqUID– AsyncRqUID– CustId, if the message is OBO– PmtInfo


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SAMPLE! Message Structure: PmtAdd (continued)

• PmtAddRs– RqUID, Echoed– AsyncRqUID, Echoed– CustId, Echoed– Status– PmtInfo, Echoed– PmtRec


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Considerable Investments• Started in 1997• Intellectual Investments

30+ leading FIs from USA, Europe & AsiaSignificant tool/platform vendorsLeading application vendors

• Time Investments70+ face-to-face meetings550+ teleconferences21,000+ person hours2,800+ Box lunches…


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What does IFX enable today ?

• Communication of account information and transactions for Banking such as Balance Inquiry, Credit, Debit and Credit Card, etc.

• Communication of Payments and Remittance transactions for Business and Consumer

• The exchange of Bill Presentment information

• Device communications for Debit, Credit and ATM Valuable Media - money, stamps, etc.

• Supports the exchange of Property and Casualty Insurance* information

* Insurance Messages are developed and maintained by ACORD


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“BBWG” Addresses Your Needs

• Balance and Transaction Reporting• Global Corporate Payment Model• Positive Pay Services• Comprehensive Remittance Model• Relationship of Accounts to Parties• Advise Message support for pushing

info to other parties• Check Orders


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BBWG Future Activities• Account Analysis• New Account Open• Tax Payments• Letter of Credit• Enhanced Foreign Exchange• Import/Export Support• STP

And You Could Help!


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How Can You Learn More?

• www.ifxforum.org– The specification and

supporting materials– User Guides

• Watch IFX site for educational opportunities or attend a meeting

• Contact me: [email protected]

Interactive Financial eXchange Cash Management Forum Mark SB Tiggas Chairman, IFX Forum Sr. Vice...

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