www.IFXForum.Org
Cash Management Forum
Mark SB Tiggas
Chairman, IFX Forum
Sr. Vice President
Wells Fargo Services Company
Interactive Financial eXchange
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 Problem
Linking 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 Evolution
On 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
Is this your
proprietary solutions.
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
“The Aggravated
Aggregator”
ERP
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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
–
–
–
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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!
1
BSP
2
3
Biller
4
CSP
CPP
Customer
IfxObject
+IfxRec : IfxRec
7
IfxRec
6
+ifxObjectId : Identifier
+ifxInfo : Ifxinfo
BPP
Identifier
+identifier : int
«interface»
Ifxinfo
+get()
+set()
CSP = CPP
«interface»
IfxMethods
+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
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Consistent Message Names
ClassObjectPropertyMethodDirection
• Class
– Acct
• Object
–
–
–
–
Bill
Pmt
Cust
Svc
• Property
– Bal
– Status
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• Method
–
–
–
–
–
–
Add
Mod
Del/Can
Inq
Aud
Sync
• Direction
– Rq
– Rs
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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
–
–
–
–
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RqUID
AsyncRqUID
CustId, if the message is OBO
PmtInfo
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SAMPLE! Message Structure:
PmtAdd (continued)
• PmtAddRs
–
–
–
–
–
–
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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 & Asia
 Significant tool/platform vendors
 Leading application vendors
• Time Investments
 70+ face-to-face meetings
 550+ teleconferences
 21,000+ person hours
 2,800+ 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:
Mark.Tiggas@WellsFargo.com
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