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IFX Forum Showcases Its Progress on Open Banking APIs: APIs Demo and RESTful IFX 2.4 AvailableThe IFX Forum has announced the first set of deliverables from its Open Banking APIs (application programming interfaces) Working Group, marking significant progress on its work to provide Open Banking APIs to the financial services industry -- accomplished in only six months. The Forum has been working to develop a standardized way to address the growing impetus for banks to provide more open access to their data, in place of proprietary APIs being developed by financial institutions and vendors. All of the new IFX APIs material is available in pre-release form at no charge in order to gather public feedback. The current deliverables include:
Continuing its work, the Forum's Open APIs Working Group will incrementally enhance items already delivered and will develop agile incremental IFX releases, furthering its open APIs capabilities. The Forum will also publish white papers and articles detailing the results of the API group's analysis, and additional material will be added to the demonstration's database.
IFX APIs Demonstration "Today's announcement is noteworthy because, while many organizations in the financial services industry are talking about Open Banking APIs, the IFX Forum is actually doing something to advance this important initiative," said Steve Goren of Tata Consultancy Services (News - Alert), chair of the Forum's Open APIs Working Group. "Meeting the milestones laid out in our charter, the next significant goal is publishing implementation guides and white papers detailing best practices for IFX in a RESTful setting." The Working Group was launched in May 2017 by IFX Forum members, including influential international companies. The group held hands-on working sessions at the IFX Forum Fall Face-to-face meeting held in Santa Clara, October 24-25, hosted by TCS. IFX is an ideal vehicle for developing open banking APIs for several reasons:
The Forum welcomes additional members to join in all its activities. The Forum also hosts a free IFX Discussion Forum, where knowledgeable Forum members and other subject matter experts will answer IFX-related questions from the public.
About the IFX Forum IFX is broadly used in practical implementations across the financial services industry, and is especially suited for financial institutions using Service Oriented Architecture (SOA). IFX contains thousands of data elements and hundreds of messages specifically designed for the financial services industry by industry experts. The standard is ideal for modern API-enabled deployments. More information about IFX and the benefits of IFX Forum membership can be found at www.IFXForum.org.
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