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XML Usage in Financial Services

XML Usage in Financial Services. Mark Tiggas President, Interactive Financial eXchange Open Applications Group San Francisco, CA. Agenda. Financial Services and XML Standardization and what it brings to the table. Interactive Finance eXchange Overview Components IFX Forum.

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XML Usage in Financial Services

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  1. XML Usage in Financial Services Mark Tiggas President, Interactive Financial eXchange Open Applications Group San Francisco, CA

  2. Agenda • Financial Services and XML • Standardization and what it brings to the table. • Interactive Finance eXchange • Overview • Components • IFX Forum

  3. What are Financial Services • Services that handle money and all associated tasks for both B2B and B2C. • Banking • Loans • Credit Cards • Payments • Who is interested? • Banks and other Financial Institutions • Third Party Service Providers • Independent Software Vendors • Consumers and Businesses alike

  4. Challenges in Financial Services • Need to incorporate many disparate systems. • Legacy all the way to wireless. • Need to incorporate many lines of business. • Financial institutions remain competitive by entering into new areas of growth. • Domestic and International markets • Need for interoperability. • Streamline processes • Need to interoperate inside and outside of corporate walls.

  5. XML in Financial Services • Promise of one language that can interconnect disparate systems. • Easy to Create • Can be English-like • Plethora of new tools • (Relatively) Easy to Implement • Several free parsers available • Cross-platform

  6. Need for Standardization • XML is only part of the solution. • Tower of Babel? • Easy to Create Many XML Dialects • No standardized syntax • No standardized constructs • Need to implement a standardized language in order to achieve interoperability. • All need to be speaking the same language.

  7. What is IFX? • Interactive Financial eXchange • Sponsored by the IFX Forum • Collaborative effort made up of industry leading financial institutions, service providers and software vendors. • Open XML Standard for Financial Services • Publicly Owned • Non proprietary • Industry Driven

  8. What makes IFX different? • Maturity - Over four years in the making. • Solid Design Principles • Built for many computing models • Built with interoperability in mind • Foundation for current and new online financial services. • Usable in many types of applications • Internal system communications • Service provider applications • Supports Personal Financial Manager communications.

  9. What makes IFX different? • Not just a set of implementation rules. • Not just a framework for plugging in your own business rules. • IFX is a complete XML standard that incorporates a flexible framework, core components and richly defined set of financial service transactions.

  10. IFX Components Future Services Basic Banking EBPP Payments(B2B / B2C) Loans Common Object Definition IFX Framework

  11. IFX – XML Framework • Consistently applied set of architectural rules (naming, data formats, usage guidelines, hierarchy, object definitions). • Provides processing rules. • Complete definition of methods. • Add, Delete, Mod, Inc, Audit, Sync • Security Model independent • Multiple Client Support

  12. IFX – XML Framework • Transport Independent • Universal Connectivity • Error Recovery • Mandatory DTD validation • In-band Negotiation • International Support

  13. IFX – Common Object Definition • Allows for interoperability between services. • Example: Complex definition of “Customer” • Allows for definition of what a “customer” is once. • Provides for supporting all of the banking needs for the customer – banking, insurance, loans, etc.

  14. IFX – Financial Services • Content addresses areas of financial services • Plug into the IFX Framework. • All services leverage core components. • All services are able to interoperate with each other. • Standard Methodology for adding new services speeds innovation. • Represents extensive business rules modeling by industry experts.

  15. IFX – Financial Services • Core Banking • Statement downloads • Funds transfer • Debits and Credits • Supports ATMs, POS • Electronic Bill Presentment • Receive electronic bills • Electronic Payments • Pay electronic bills • Make “unsolicited” payments • Extensive Business to Business Enhancements

  16. IFX Forum Overview • Created by industry leading Financial Institutions, Software Vendors and Service Providers.

  17. IFX Forum – How to Participate • Membership open to anyone interested in participating. • A number of work groups available. • Ability to sponsor new work efforts. • Can attend two meetings before joining. • More information visit our Website

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