Implementation Considerations

Financial Transaction ID (FTID) Storage

   Financial Transaction Identifiers (FTID) MAY be stored as follows:

    1. Resolving the Account of Interest (AOI) portion with the
       local system's ledger identity (eg: IIBAN, legacy or custom
       identifier)

    2. Using standard mechanisms for efficient datetime storage of
       the UTC Second of Origination (UTCSO) and generating this
       portion of the FTID on demand.

   Under such a scheme, only the five character Intrasecond Financial
   Transaction ID (IS-FTID) need be stored against individual
   transaction records.


Transaction Status Flow

   The IFEX transaction status vocabulary and transition flow is
   believed to represent a reasonable basis for the common description
   of transaction state transition across disparate financial systems,
   removing the historic need for system integrators to negotiate
   financial or settlement system specific state and state transition
   minutiae.

   However, implementors new to IFEX may feel the model overly
   constraining, in particular a need may be perceived by some to
   transition from SUCCESS to FAILURE states post-facto; under IFEX
   transaction state flow rules this is necessarily illegal for such
   final (donestate) transactions.  Instead, completed transactions in a
   SUCCESS state that need to be cancelled or reversed (due to
   processing error, regulatory action, etc.) should remain unchanged
   and a new transaction (or set of transactions) should be created to
   effect the inverse of the outcome of the original transaction's net
   settlement.  Such a transaction (or set of transactions) SHOULD
   reference the original transaction in order to provide a means for
   the remote party or parties to associate the initial and related
   transactions.


Systemic Limitations

   Implementers should be aware of the following systemic limitations.

  Maximum Transaction Throughput
   Each Financial Transaction ID (FTID) contains an Intrasecond Financial
   Transaction Identifier (IS-FTID) component whose 5 character length
   limits the available namespace to 60,466,176 transactions per second,
   per Area of Interest (AOI).

   High volume systems requiring a greater number of intrasecond
   transactions MUST select an Area of Interest (AOI) population strategy
   that recognizes and avoids this limitation.

Internationalization

  String Representation
  The decision was made to utilize JSON, a necessarily UTF-8 driven
  standard despite its wire-level inefficiencies, in order to guarantee a
  reasonable, guaranteed inheritable degree of internationalization in
  string specification.

  Extensibility
  Rather than taking the flawed approach of attempting to second-guess the
  common sum of every present and future global financial messaging
  requirement in a centralized, technocratic bid at world domination, IFEX
  instead recognizes that local requirements will always exceed perceived
  requirements when specifying global protocols: particularly those in
  long term use.  Thus, a minimalist and proven approach is taken.  This
  philosophy is in line with the accepted mantra of "do one thing, and do
  it well".  The results are visible in the protocol's approach to the
  notion of currency and commodity, settlement system, and almost any
  other aspect of an IFEX message.
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