Thursday, March 1, 2018
In a strategic move, NACHA ‒ The Electronic Payments Association and financial services standards development organization International Financial eXchange Forum agreed to combine organizations to accelerate development of standardized application programming interfaces (APIs) supportive of the global financial services industry.
"The powerful combination of IFX Forum's established leadership in financial industry standards, along with additional technical expertise in the area of API message development, and NACHA's leadership in payment and adjacent standards will accelerate this innovation," said NACHA President and CEO Janet O. Estep. "The organizations will be able to build relevant standards in existing and new business domains."
As a steward of the automated clearing house (ACH) network, NACHA said that aligning the complementary work of its API Standardization Industry Group (ASIG), comprised of more than 100 leading organizations, and the IFX Open Banking APIs Working Group, tasked with developing a standard for more open API access, will benefit industry stakeholders.
IFX Forum President Richard Urban noted that both organizations share common interests. "The IFX Forum and NACHA combination will enable natural and timely alignment that is synergistic and healthy for all members from a technical and business perspective," he said.
According to the agreement, IFX Forum will retain its global and nonprofit status and operate as an independent group within and supported by NACHA, with its own governing board. Finalization of the combination agreement is expected to be completed by the end of the first quarter of 2018.
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