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Financial Transaction eXchange
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Financial Transaction eXchange or FTX is a variation of XML developed by NT-Enterprises LLC for near real time processing of financial transactions between financial institutions. FTX Uses The FTX system is developed to replace the currently used ACH and Wire Transfer services currently in place, providing users a near real-time electronic transaction exchange. Main uses include: * Institution to Institution Transfers (I2I) * Customer to Institution Transfers (C2I) * Customer to Business (Bill Pay) (C2B) Routing Structure FTX uses account addresses to route transaction request to their designated institution and eventually to the correct account within the institution. The account address structure utilized contains two parts, the first is the account number followed by a period and then the institution ID. The institution ID is akin to the ABA Routing Number used today except that the repository will be capable of containing globally unique institution identifiers for worldwide processing. . |
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