<p>CORVALLIS, Ore. -Terrence McDermond, Senior Software Engineer at Summit, recently assumed the position of co-chairman of the Credit Application Working Group of the Interactive Financial eXchange (IFX) Forum. In his leadership role, McDermond will help steer development of IFX open system standards. "It's exciting to be a part of this dynamic group," McDermond said. "Prior to my appointment, no one involved with this committee represented credit unions. It's nice to provide that perspective." The committee is comprised of individuals representing banks, credit unions, insurance companies, online auto dealers and software application developers. Summit is the only credit union core vendor represented on the committee. Summit said McDermond's participation in the IFX committee complements the open architecture it is working towards. The Summit Open Access strategy embraces IFX standards using XML. A key focus of McDermond's committee is to establish loan application message specifications that become a standard to be used throughout the world by software application developers and financial service providers. The IFX Forum is a consortium of major financial institutions, service providers and information technology companies including Fiserv, Bank of America, Wells Fargo, BITS, CUNA, IBM, Microsoft and others.</p>