Organizations Join Forces to Further Develop Standardized APIs and Other Standards for the Global Financial Services IndustryHERNDON, Va., April 2, 2018 – Nacha—The Electronic Payments Association® and the Interactive Financial eXchange (IFX) Forum today jointly announced that they’ve officially merged IFX Forum as an independent operating entity under Nacha. Nacha and IFX Forum had previously announced their intent to merge in order to accelerate and strengthen the development of standardized Application Programming Interfaces (APIs) in support of the diverse global financial services industry.
The combination agreement allows Nacha and IFX Forum to align the API development priorities of Nacha’s API Standardization Industry Group (ASIG) and the IFX Open Banking APIs Working Group. IFX Forum will now operate as an independent group within and supported by Nacha, with its own governing board.
“Completion of this strategic combination with the IFX Forum will bring the financial services industry highly-relevant and robust standards that benefit its providers and customers,” said Nacha President and CEO Janet O. Estep. “This important work leverages standardized APIs and other financial services standards to bring accelerated global interoperable solutions for use cases including and beyond payments.”
“This combination is a big win for IFX Forum members, and a bigger win for the financial services industry,” said IFX Forum Executive Director Richard Urban. “We’re now poised to offer even greater value, innovation and leadership for our members, subscribers and partners.”
About Nacha—The Electronic Payments Association
Nacha—The Electronic Payments Association is nonprofit organization that convenes hundreds of diverse organizations to enhance and enable electronic payments and financial data exchange within the U.S. and across geographies. Through development of rules, standards, governance, education, advocacy, and in support of innovation, Nacha’s efforts benefit the providers and users of those systems. Nacha leads groups focused on API standardization, authors the Quest Operating Rules for EBT and is also the steward of the ACH Network, a payment system that universally connects all U.S. bank accounts and facilitates the movement of money and information. In 2016, more than 24 billion transactions valued at $41 trillion were moved via ACH. Visit nacha.org for more information, and connect with us on LinkedIn, Twitter, Facebook and YouTube.
About the IFX Forum
The Interactive Financial eXchange (IFX) Forum is an international not-for-profit industry association whose mission is to develop the IFX business message specification and promote its adoption as an open, interoperable standard for financial data exchange. The IFX standard is available at no charge at bms.ifxforum.org/. An agile standards development organization (SDO), the IFX Forum also promotes interoperability of industry standards by working cooperatively with other standards groups.
More information about IFX and the benefits of IFX Forum membership can be found at www.IFXForum.org.
About the API Standardization Industry Group (ASIG)
ASIG is comprised of more than 100 leading organizations from financial institutions, fintechs, businesses, service providers, standards organizations and others, all of whom have a desire to further efforts to standardize the use of APIs in the U.S. and leverage global standards efforts such as ISO 20022, when possible. ASIG has identified 16 API use cases that will have an immediate impact on the financial services industry and payments ecosystem. ASIG is sponsored by Nacha’s Payments Innovation Alliance. For more information or to join, visit https://www.nacha.org/content/api-standardization-industry-group.