Author: Walter Stanish 2012-04-13 09:34:20
Published on: 2012-04-13T09:34:20+00:00
The Internet Financial EXchange (IFEX) Project is an open body that aims to enhance interoperability between financial settlement systems for the internet community, including conventional and digital currencies, alternative financial communities, and financial service providers. The latest version of the IIBAN Proposal (v1) for financial endpoint identification is available on their website, which provides users with a democratically allocated, 13 character identifier that is theoretically compatible with conventional banking infrastructure in Europe and other countries. The IFEX Protocol is a work in progress that seeks to provide a standard protocol for transaction and settlement path negotiation with arbitrary financial instruments, currencies or assets, enabling better connectivity, lower settlement fees, real-time redundant financial routing, and arbitrary instrument/currency/asset handling. IFEX's proposed infrastructure differs from existing projects as it is not a currency or a settlement-network but rather a mechanism for bridging them, offering a broader and more inclusive scope than existing vendor-specific APIs and conventional finance industry networking protocols. The hope is to move towards an open-source implementation of the IFEX protocol that interoperates with major and emerging settlement networks for the benefit of all parts of the community.
Updated on: 2023-06-06T04:06:55.422060+00:00