The partnership, which is expected to be finalized at the end of the first quarter, will speed up the creation and rollout of standardized banking APIs.
“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.”
Last month, NACHA announced it was partnering with Accenture to create a community of API resources, including a microsite and developer portal aimed at supporting API standardization across payments. In addition, it will provide the financial services industry with several API resources, such as developer tools, training materials, blogs about products, articles and samples of code.
IFX Forum, an international not-for-profit industry association, is founded on the belief that open, standard APIs will allow companies to succeed in a digital world. It is used in practical implementations across the financial services industry, and is especially suited for institutions using Service Oriented Architecture (SOA).
Through this collaboration, IFX will be able to retain its global and non-profit status, as well as operate as an independent group within and supported by NACHA, which oversees the ACH Network, one of the largest, safest and most reliable payment systems in the world.
IFX will also retain its own governing board.
“Both organizations share common interests,” said IFX Forum President Richard Urban. “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.”