The Interactive Financial eXchange Forum was formed in 1997 to create a messaging standard for financial services that would address the challenges brought on by the advent of network-based computing models. Based on the work previously done by the Open Financial Exchange (OFX) and IBM/Integrion GOLD standard, the Forum proceeded to re-invest all of the knowledge gained from those efforts to design a next-generation XML standard that would be usable in many types of environments, extensible to cover many types of financial transactions, and globally focused in recognition of the increased need to communicate around the world.
IFX is a content rich, well-designed financial messaging protocol built by financial industry and technology leaders with decades of combined experience; experts who have painstakingly defined, modeled and incorporated real-life use cases to produce relevant and useful business data objects. The result is a consistent framework incorporating best-of-breed design principles, a common object model, a service oriented architecture that accounts for the interactions among those objects and carefully defined data definitions.
*Sources: GuideStar, Organization Website, Wikipedia