New standard aims to 'harmonize' XML payment messaging

A new XML standard for payment messaging is under development as part of an agreement between several standards bodies -- Open Applications Group (OAGi), Interactive Financial eXchange (IFX), Society for Worldwide Interbank Financial Telecommunication (Swift) and Treasury Workstation Integration Standards Team (Twist).

The standards groups met jointly at a conference this month hosted by Gartner Inc., Stamford, Conn., and signed a "Memorandum of Understanding" to support the new standard, according to OAGi. The planned XML standard is part of the International Standards Team Harmonization initiative with participation by major banks, including Bank of America, Citibank, Deutsche Bank AG, JPMorgan Chase and Wells Fargo. RosettaNet also endorses the harmonization effort, according to a related announcement this week by IFX Forum (

The harmonization effort will attempt "to drive a single Core Payment XML 'Kernel' that can be used globally by any corporation regardless of size and sector and by any servicing bank in any location," according to the OAGi announcement. Vendors supporting OAGi work include IBM, Oracle, PeopleSoft and Sterling Commerce.

The procedure posted on the OAGi Web site ( for the harmonization effort includes:

* To identify and resolve content differences between the messages so a single set of content can be used;
* Recommend a common core payment that can be accepted into each of the standards bodies for use; and
* Establish a method of interoperability that allows the Core Payment XML Kernel to have extended or related messages packaged with it.

A joint announcement by the group on the recommendations for the Core Payment XML Kernel is planned for early 2004, according to this week's announcement by IFX Forum.

About the Author

Rich Seeley is Web Editor for Campus Technology.


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