Interactive Financial Exchange Forum gets 2 new members

Management standards company GS1 Colombia/LOGYCA and Cloud applications provider Oracle are the newest corporate members of the Interactive Financial eXchange (IFX) Forum.

"We are pleased to welcome our new members, who once again demonstrate the value IFX offers, regardless of company size or location," Richard Urban, president of the IFX Forum, said. "We hope GS1 Colombia/LOGYCA and Oracle will be active participants as we step up our involvement with international standards bodies such as BIAN and ISO 20022, and we look forward to including their expertise and valuable insights in Forum activities."

Promoting their interoperable standard for financial data exchange, the IFX Forum's members and subscribers are based in 17 countries on five continents.   

"After two years researching the appropriate way to standardizing the web services used by the banking system in Colombia, GS1 Colombia/LOGYCA and Asobancaria – Colombia's banking association -- choose to work with IFX as the best option that meets our needs, especially in terms of security, a priority for us," Urban said. "In addition, IFX opens the possibility to share our experience and learn from foreign organisations how to approach new trends in the global financial sector," said Juliet Espinosa, standards manager in GS1 Colombia/LOGYCA."

Speaking on its new IFX membership, Oracle VP and General Manager Sonny Singh said, "Oracle is committed to the use of open banking and payment standards. In joining the IFX Forum we are building on our participation in the development of other international and national standards bodies. It is of great importance for Oracle to model industry best practices and standards, and being a part of these organizations can help us ensure that we achieve that objective."