Wakefield, MA (PRWEB) April 09, 2013
The Interactive Financial eXchange (IFX; http://www.ifxforum.org) Forum and EPASOrg (http://www.epasorg.eu/) announced today that the two organizations have signed a Memorandum of Understanding (MOU) related to coordination on the development and delivery of ISO 20022 messages for the management of automated teller machines (ATMs).
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. Headquartered in Brussels, EPASOrg is an international non-profit organization with a mission to promote the widespread acceptance of EPAS standards, a series of protocols to ensure interoperability between card acceptance and acquiring solutions, integrated retail and terminal management systems. ISO 20022 is an international standard for financial services messaging.
The two groups bring complementary skills and experience to this collaboration. The IFX Forum actively engages in international standards activity, including longtime liaison with ISO TC68, a Memorandum of Understanding with ASC X9, and it is completing an effort to submit Extended Remittance content to ISO 20022. The Forum is also playing a leadership role in the Remittance Coalition set up by the U.S. Federal Reserve.
EPASOrg was the first organization to design and develop ISO 20022 messages for card payments, which has given the organization in-depth expertise in the enhancement of the existing ISO 20022 data repository. The EPAS standards are becoming the reference for implementing SEPA (Single Euro Payments Area), an initiative of the European Commission targeting the simplification of payments in the single European market.
"Though our ATM-POS Working Group has historically been one of our most active and productive committees, supplying new ATM-related content to ISO 20022 by ourselves would have been a daunting task, and the same was true for EPASOrg," said IFX Forum President, Richard P. Urban. "However, the possibility of collaborating in this effort made the whole endeavor feasible. We are very pleased to engage with EPASOrg to deliver this much-needed content."
"The agreement between the IFX Forum and EPASOrg enables comprehensive cooperation as we work toward our mutual goal of completing and delivering ISO 20022 ATM messages to both the financial and manufacturing industries," said William Vanobberghen, Secretary General of EPASOrg. "Our collaboration is the means of assuring broad input to this important effort to enhance worldwide standards."
The MOU supplies a framework for cooperation without restricting or impeding the autonomy and operations of both organizations. The IFX Forum and EPASOrg anticipate that their groups' collaboration will benefit their members and other constituencies in the global financial services sector.
Following a planning period and initial face-to-face meeting of leaders in Montreal, collaborative work is commencing via teleconference and webconference. It will continue at the IFX Forum's Annual Meeting, which will take place in Edison, New Jersey, from April 29 through May 1. Details about the meeting and a link to register are posted at http://www.ifxforum.org.
EPASOrg is an international non-profit association founded by key industry players. The mission of EPASOrg is to foster interoperability by agreeing, developing and implementing common protocol specifications related to secure card payments. The resulting standards, based on best practices, will facilitate an improved experience for merchants and cardholders alike. By increasing standardization and interoperability, EPASOrg is dedicated to overcoming the barriers of today's fragmented card payment environment. To learn more about the EPAS series of card payment standards and EPASOrg, the organization in charge of the development, maintenance and certification of EPAS standards, please visit http://www.epasorg.eu.
About the IFX Forum
Founded in 1997, the Interactive Financial eXchange (IFX) Forum is an international not-for-profit industry association whose mission is to develop and promote the adoption of its open, interoperable standard for financial data exchange, suitable for use by all sectors of the financial services industry. Forum membership is open to organizations interested in contributing to the development of open financial standards. Forum members include financial institutions, hardware, software and service firms, and related non-profit groups.
The IFX Forum is currently organized into the following Working Groups: ATM/POS; Branch Banking Services; Business Banking; Card Management & Servicing; Liaison & Interoperability; Loans; and Service Oriented Architecture (SOA). IFX Forum Working Groups, in concert with an Architecture Committee to coordinate their efforts, develop open Internet-compatible messages for all sectors of the financial services industry. To learn more about the IFX standard or the benefits of IFX Forum membership, please visit http://www.IFXForum.org.