The Interactive Financial eXchange (IFX) Forum has announced two new members: the BPAY Group and the Institute for Development & Research in Banking Technology (IDRBT), both at the small business level.
The IFX Forum is an international non-profit industry association, whose mission is to develop and promote the adoption of its open, interoperable standard for financial data exchange.
BPAY, an Australian payments scheme connecting individuals and businesses to more than 160 banks and credit unions, processes more than 26m bill payments each month. IDRBT, a banking technology research institute based in India, provides operational service support in information technology to banks and financial institutions.
“The IFX Forum provides the BPAY Group with an excellent opportunity to keep at the forefront of global developments in the use of data standards, especially important given the imminent introduction of the New Payments Platform in Australia, where data transmission will be in accordance with the global ISO 20022 standards,” said Keith Brown, general manager, business services for the BPAY Group.
“Our involvement with the IFX Forum, a submitting organisation to ISO 20022, will enable us to access global best practice in its application.”
“IDRBT is eager to join in and contribute to the IFX Forum’s ongoing work with ISO 20022 and other international standards organisations,” added Patrick Kishore, chief operating officer (COO) at IDRBT. “We also look forward to applying our significant experience in the area of service-oriented architecture to the efforts of the Forum’s service-oriented architecture [SOA] working group.”
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