Banks, Standards Bodies Unite on XML Payment Messaging

A new payment standards initiative has been launched by seven global banks and other organizations involved in harmonizing messaging between corporates and banks. Facilitated by Gatner, the International Standards Team Harmonization (ISTH) includes representatives of banks, technology vendors and the standards organizations IFX Forum, OAGi (Open Applications Group), SWIFT (Society for Worldwide Interbank Financial Telecommunication) and TWIST (Treasury Workstation Integration Standards Team). ISTH is focused on creating a single Core Payment XML ‘Kernel’ that can be used globally by any corporation and any servicing bank. RosettaNet has also endorsed the ISTH’s direction. The IFX standard is now in its fifth release and has been designed specifically for interoperability of systems seeking to exchange financial information internally and externally. release and has been designed specifically for interoperability of systems seeking to exchange financial information internally and externally.

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