Financial XML(FXML) enables customers to use the financial XML services provided by financial institutions to initiate a transactions via the Internet from a personal computer or other such device. It's an extremely convenient way to allocate or transfer funds, effect payments, make account inquiries, and take out loans 24 hours a day, all year round.
In an XML transaction, the payee and drawee link up with the Financial XML System via their respective banks or via an intermediary financial institution, and submit orders to receive/send payment. In addition to certain services available only with XML, all the services provided in ordinary data format (e.g. data, credit inquiries, online loan applications, etc) are also available. All participating parties link up with the Financial XML System, and the transaction is executed via the FISC, so there is never any direct transaction between different financial institutions.(back)

1. Features
Financial XML uses open technology, which allows customers to use whatever information system they have in their possession to dispatch messages in financial XML format, which is then deciphered by corporate financial and accounting systems. Asymmetric digital certificates ensure tight security and certificate interoperability, and customers don't need to apply for a separate certificate from every financial institution they do business with. Once you've applied for a single financial XML certificate, just register it with other banks to use it with them. Payees can also receive messages from banks via the FISC's Financial XML System notifying them when their accounts have been credited with a payment, and can use the messages thus received to reconcile accounts. Financial XML can also be implemented across an existing supply chain to link the anchor company with its upstream and downstream partners, thus automating money flows throughout the entire chain.

2. Benefits
(1) Paperless operations -- no documents to chop, no receipts to print out.
Saves on the expense of managing and storing physical documents,
reduceshuman error, and enhances the benefits derived by enterprises
from computerization.
(2) A single electronic certificate can be sent out to multiple banks for quick
allocation of account finds. Real-time online handling of transactions
means there's no need to run to the bank, spend money on transportation,
fill out forms, or wait in line.(back)

Customers carrying out online transactions link up in one of two main ways with financial institutions:
1. Direct transaction:
Customer links up with his own transaction server to the financial institution where his account is maintained, or uses a browser to access the website service provided by the financial institution where his account is maintained. Once the linkup is established, the customer uses a banking ID to carry out a financial transaction. The user employs the enterprise's internal finance and accounting system, and the data is reviewed by a manager and dispatched. A payment instruction is then sent directly to the paying bank (or payment instruction is submitted via the financial institution's website service). The paying bank checks the instruction to ensure it is free of error and immediately carries out an interbank account transfer. The FISC receives a debit message, checks to ensure it is free of error, and notifies the receiving bank to credit the proper account. After crediting the account, the receiving bank notifies the payee that his account has been credited.

2. Intermediated transaction:
Customer links up, via an intermediary financial institution, with his own transaction server to the financial institution where his account is maintained, or uses a browser to do the same thing by accessing the website service provided by an intermediary financial institution. Once the linkup is established, the customer uses a banking ID to carry out financial transactions.

Transaction information exchanged between customer and bank can involve New Taiwan Dollar operations, foreign exchange operations, and online loans. Interbank transactions are limited to real-time single payments. Different participating institutions have somewhat different operations (i.e. each bank decides, based on its particular needs, whether to engage in New Taiwan Dollar operations, foreign exchange operations, online loans, or all three). The following descriptions apply to New Taiwan Dollar operations.

1. Inquiry transactions
(1) Balance inquiry: Customer checks an account balance.
(2) Transaction inquiries: Customer checks debits from and credits to an
account over a specified period of time.

2. Types of account transfer
(1) Single payment: A customer needing to make a relatively small number of
individual account transfers can use real-time account transfer transactions
to flexibly allocate funds needed by the enterprise.
(2) Bulk payments: An enterprise needing to make a large number of payments
(e.g. to pay suppliers, provide distributor commissions, distribute
shareholder dividends) can use bulk payment service to make all the
payments in a single transaction, with funds debited from a single account.
(3) Multi-payments: As with bulk payments, the FISC multi-payment service is
for handling a large number of payments. With multi-payment service,
however, for each payment the payer must designate the account to be
debited. (With bulk payment service, all payments are debited from a single
account.)
(4) Scheduled payments: A customer can schedule account transfers to handle
periodic bulk payments coming due on different dates over the next three to
six months. This service reduces the customer's cost of payment handling.
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