Why should I upgrade from LIXI1 to LIXI2

Why upgrade from
LIXI1 to LIXI2?

LIXI1 - A Standardised Language

LIX1 was a huge step forward in standardising electronic messaging in lending. It standardised the language but did very little to standardise the data structure.

Next Stage of Evolution

After a decade of experience with the standards, the lending industry community went back to the drawing board to design a fundamentally better standard.

Enable Automation

"Focus human effort where it adds value", and "automate everything" are core to agile practices such as CI/CD and DevOps - LIXI2 is designed with this in mind.

LIXI2 - A Standardised Structure

Data structure standardisation is the magic ingredient in LIXI2 that unleashes true automation in the development of software around LIXI interfaces.

More than an Interface Specification

LIXI2 data standards can now be used as the basis for your API strategy, Open API definitions, domain data models, database schemas, documentation and more.

Speed to Market & Scale

The speed to market and scale possible through the use of LIXI2 are key to successfully adapting to changing market conditions, regulations and technology advances.

Superior Consistency

If you need to deal with multiple types of LIXI messages, LIXI2 offers consistency between standards.

Outstanding Interoperability

LIXI2 allows implementations across multiple parties to be inherently more interoperable.

What does it mean to define a standardised structure?

A LIXI standard is a file that contains instructions on how to construct an electronic message that is LIXI compatible.

It's similar to instructions on how to build a flat-pack piece of furniture. There are definitions (pictures of each piece with a label), and there are directions on how to put them together.

LIXI2 has definitions of each piece of data, and directions on how to join them together (parent/child relationships, and links to connect connecting items in different parts of the tree).

Imagine if the flat-pack only came with definitions and no instructions on how to join them together. And to complicate matters, there is not the exact number of screws, nuts, and bolts - instead there is a variety of different screws, nuts, and bolts.

LIXI1 is analogous to this, and in the same way that each piece of furniture built in the absence of directions would differ, each LIXI1 implementation differs slightly.

LIXI2 provides directions to ensure that messages are truly standard.

If you're interested in the technical details, you can read more about it in this blog post.