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Cash Management Forum

Cash Management Forum

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Cash Management Forum

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  1. Cash Management Forum Mark SB Tiggas Chairman, IFX Forum Sr. Vice President Wells Fargo Services Company

  2. Agenda • The Problem/Requirements • Describe IFX • How IFX is the natural solution to couple a bank and its Cash Management customers • How IFX is the obvious, evolutionary step for Cash Management vendors • Activities underway

  3. The Problem Linking commercial banking customers’ business applications with their banks’ Cash Management systems • I-N-T-E-G-R-A-T-I-O-N • One-click in my ERP yields a completed transaction at my bank(s) and/or other parties • Status visibility to understand progress throughout the life of a transaction

  4. The Evolution On the current, evolutionary tack, ERP vendors will steal the market. For CM vendors, the surest path to extinction is to remain proprietary. And, it’s not just automating a cumbersome model – the Web won’t save you. For FIs, the surest path to losing customers is to remain on proprietary solutions. Is this your sales chart?

  5. My Purpose Today 1. Inform: There is a better way to do business than one-off or roll-your-own solutions for connecting customers with their banks • There is no advantage to even more proprietary solutions • There are discernable patterns which have been identified and now need to be leveraged. More…

  6. My Purpose Today (continued) 2. Persuade: IFX embodies many of those patterns as the foundation for message structure and the machine-to-machine dialog You can help identify and develop additional solutions / patterns as needed

  7. Getting back to the problem…

  8. “Swivelware” Aggregation “TheAggravated Aggregator” ERP

  9. 4/5 Surveyed Would Prefer a Better Way

  10. A Better Way • Rather than swivel, a model of standardized messages and processes enables better/faster/stronger integration of treasury functions and banks’ solutions • What we have here is… the blueprint for a portable software and messaging solution • Supports multiple interaction models • real-time • near-real-time • batch

  11. Broadly Speaking, IFX is: “A targeted Financial solution for connecting the business processes of members of a banking relationship.”

  12. Simply Stated, IFX is: • In business terms- • A robust set of business messages • A well-defined set of rules to carry on a business dialog • In technical terms- • An object model with well-defined attributes and methods for banking transactions

  13. And More Specifically, IFX is: • A collection of messages necessary to build a distributed banking platform • Robust & complete - to accommodate most use cases and extensible to new uses • Business rules and expectations for each role in a distributed environment • Hype aside, it’s not about XML, it is about: • System to system communication • Orchestrating business processes between companies • Connecting internal and/or external systems

  14. IFX: Just messages? No!

  15. Class Acct Object Bill Pmt Cust Svc Property Bal Status Method Add Mod Del/Can Inq Aud Sync Direction Rq Rs Consistent Message Names ClassObjectPropertyMethodDirection

  16. Service Overview Base Service • Banking Service • Pay Service • Bill Presentment Service • Valuable Media Service

  17. SAMPLE! Msg Structure: PmtAdd • PmtAddRq • RqUID • AsyncRqUID • CustId, if the message is OBO • PmtInfo

  18. SAMPLE! Message Structure: PmtAdd(continued) • PmtAddRs • RqUID, Echoed • AsyncRqUID, Echoed • CustId, Echoed • Status • PmtInfo, Echoed • PmtRec

  19. Considerable Investments • Started in 1997 • Intellectual Investments • 30+ leading FIs from USA, Europe & Asia • Significant tool/platform vendors • Leading application vendors • Time Investments • 70+ face-to-face meetings • 550+ teleconferences • 21,000+ person hours • 2,800+ Box lunches…

  20. What does IFX enable today ? • Communication of account information and transactions for Banking such as Balance Inquiry, Credit, Debit and Credit Card, etc. • Communication of Payments and Remittance transactions for Business and Consumer • The exchange of Bill Presentment information • Device communications for Debit, Credit and ATM Valuable Media - money, stamps, etc. • Supports the exchange of Property and Casualty Insurance* information * Insurance Messages are developed and maintained by ACORD

  21. “BBWG”AddressesYourNeeds • Balance and Transaction Reporting • Global Corporate Payment Model • Positive Pay Services • Comprehensive Remittance Model • Relationship of Accounts to Parties • Advise Message support for pushing info to other parties • Check Orders

  22. BBWG Future Activities • Account Analysis • New Account Open • Tax Payments • Letter of Credit • Enhanced Foreign Exchange • Import/Export Support • STP And You Could Help!

  23. How Can You Learn More? • www.ifxforum.org • The specification and supporting materials • User Guides • Watch IFX site for educational opportunities or attend a meeting • Contact me: Mark.Tiggas@WellsFargo.com