Furthering its commitment to open standards, Oracle today announced its membership in standards organizations IFX Forum and BIAN. Oracle has been a leader in the creation and support of open standards to enable systems and technology to work together, providing both efficiency and choice to our customers. These new memberships extend Oracle’s leadership, contribution and adoption of international and national standards. Banks are grappling with modernizing their IT environments, cloud adoption and the deployment of digital capabilities, and standards adoption will help them meet these challenges. Standards adoption is a foundation to strategic enterprise architecture planning and application integration, both of which are critical in increasing bank agility.
IFX Forum and BIAN are two complementary industry-leading standards development organizations addressing Service Oriented Architecture (SOA) in financial services. The IFX standard is designed from a global perspective to cover many types of transactions and promotes interoperability of industry standards by working cooperatively with other standards organizations and consortia including SWIFT, ANSI, ASC X9, ISO, BIAN and others.
“The IFX Forum is very pleased to welcome Oracle into its membership. This is a time of significant change in the financial services industry. Standards are playing a significant role in enabling dramatic new capabilities that will only work well if financial institutions and their partners work together to create smooth, interoperable solutions that are resilient in the face of rapid innovation,” said Richard Urban, President, IFX Forum, Inc. “We are committed to that mission and believe Oracle will bring important expertise to our efforts.”
“Having Oracle on board is a fantastic boost to the BIAN network and should be inspirational for others to join. BIAN will vastly benefit from Oracle’s vast experience of providing specialised solutions across multiple industries, which will support BIAN to continue the development of a standardised IT banking business framework for the entire global financial ecosystem. Meanwhile, by aligning with the network, Oracle will provide the flexibility of service that modern banks require. Oracle, like BIAN, is keen to stress that technological innovation within financial services is essential for business growth. BIAN members from across the globe will be able to work with Oracle to implement new technologies that enrich their client offering,” said Hans Tesselaar, Executive Director of BIAN
Both BIAN and IFX frameworks are technology-neutral and when used together provide a powerful, standardized, interoperable solution for financial institutions. Both organizations believe that the possibility to leverage both standards could create an impact in the banking industry and could bring mutual benefits to both organizations, now or in the future. The philosophy of both BIAN and IFX standards closely align with the Oracle approach to unlocking value through collaboration across both standards and solutions.
Through Oracle’s membership of both BIAN and the IFX Forum, Oracle can contribute from experience gained delivering a broad range of solutions and technology to innovative financial institutions across the globe. Critically both BIAN and IFX Forum include leading financial institutions in the definition of their standards thus ensuring that the standards address both the existing system and business requirements and the future strategic requirements of banks.