Interoperable fare management (IFM) encompasses all systems and processes designed to manage the distribution and use of fare products in an interoperable public transport environment. Such systems are called interoperable when they enable the customer to use a portable electronic medium (e.g. a contact/contactless smart card) with compatible equipment (e.g. at stops, with retail systems, at platform entry points or on board vehicles).

IFM-Part 1 is an ISO standard (ISO 14014-1) aiming at the definition a reference functional architecture for Interoperable Fare Management System(s) and to identify the requirements that are relevant to ensure Interoperability between several Actors in the context of the use of electronic tickets. The exchanges between IFM actors are described from the functional point of view by the IFM standard, without the specification of data exchange format.

NeTEx- Part 3 describes fare elements as specified in public transport fare systems (zonal fares, flat fares, progressive fares, distance matrix, etc) and the resulting fare products using a conceptual data model, specifies a detailed physical data model for fares and derives data exchange message formats for fare exchange. The exchanges are concerning the information on fares (abstraction being made from any particular medium), on the conditions of use of fare products, on associated fare product distribution channels. Parameters necessary for the price calculation of fare products are also provided.

IFM is a process description and NeTEx is a data exchange format.