Afinis Interoperability Standards members will meet July 9-10 in Atlanta for a Program Increment (PI) Planning Meeting to review the group’s latest work efforts and identify new initiatives and goals for the second half of 2019.
Nearly 40 Afinis Interoperability Standards members will meet in person to receive an update; launch a new members-only section of the group’s online portal; and evaluate the status of new application programming interfaces (APIs) under development, as well as plan for which ones will launch in the short term.
Afinis Interoperability Standards is focused on API standardization for B2B payments and treasury services, including APIs for payment initiation and transaction tracking. To date, the group has developed APIs to support financial institutions servicing corporate clients, as well as blockchain applications for vendor and supplier onboarding.
The priority remains to create API standards that are in demand by the financial services industry and that benefit corporations.
Recently released API use cases include:
- Account Validation: helps ensure bank accounts are valid and payments are posted as desired.
- Get Bank Contact Information: allows originating financial institutions to quickly find and alert the appropriate contact within a receiving financial institution of potential fraud to prompt further investigation.
- Get Transaction Status: allows an Originator of a transaction to check the status of a submitted payment instruction.
- B2B Payments Interoperability: allows a company to obtain correct payment information and remittance requirements to pay another company.
- Initiate Payment: allows businesses to submit payment instructions and track scheduling without having to access multiple systems.
Also on July 9 in Atlanta, the group will have its first in-person Board meeting since announcing its inaugural Board of Directors and Board Officers in April.
The Board of 10 members and three officers will guide the strategic direction of the organization. It consists of individuals from large and small financial institutions, fintechs, software/solution providers, and businesses – a representative mix of the financial services stakeholders that will be able to develop and evolve a technical environment that is responsive to the needs of its members and the larger financial services ecosystem.
“With the formal Board now in place, Afinis is primed to continue the intelligent innovation and thoughtful collaboration in an even more informed and strategic manner,” George Throckmorton, executive director of Afinis Interoperability Standards and managing director, Advanced Payments Solutions, at Nacha.
Launched in September 2018, Afinis Interoperability Standards brings diverse collaborators together in a pure digital form to build and test solutions, develop implementable and portable standards, and provide thought leadership on the shared goals of advancing efficiency, surety and security, and interoperability for financial services. The launch of the organization formalized the two-year work effort of the Payments Innovation Alliance’s API Standardization Industry Group (ASIG) and incorporates prior work of the IFX Forum. Afinis membership is open to all organizations interested in the development of API standardization, regardless of size, type or location of the company.