ASC X9 participates in international standardization through the International Organization for Standardization (ISO) located in Geneva, Switzerland. ISO’s standards are developed through Technical Committees and their designated Subcommittees. X9 is the USA TAG and thus holds the USA vote to ISO TC68 – Financial Services and its committees. ANSI, as the USA member body of ISO, manages the U. S. role in each Technical Committee (TC) by designating a U. S. organization as the Technical Advisory Group or TAG. As the ANSI appointed US TAG to TC68, its Subcommittees and working groups, X9 identifies the members of the TAG, distributes ballots and submits the U.S. votes and comments on all standards developed under the TC.
ISO TC 68 Financial Services
In addition to being the USA TAG, X9 is the Secretariat for the ISO TC68 committee, one of ISO’s 200+ technical committees developing global financial industry standards. TC68 is the only ISO technical committee fully dedicated with its sole mission being the creation of financial industry standards. Since 1948, members of the financial industry collaborated under the International Organization for Standardization (ISO) banner to develop technical standards for the banking industry to use on a global basis. TC68 is made up of three subject matter subcommittees. The ISO 20022 RMG reports to TC68 as well.
TC 68 20022 RMG (see www.iso20022.org)
The ISO 20022 Registration Management Group (RMG) is made up of senior industry experts nominated by ISO TC68. The RMG is the highest UNIFI registration body: it monitors the overall registration process and reports directly to ISO TC68. The RMG defines the scope of necessary standards evaluation groups (SEGs) and approves business justifications for new messages or updates to existing messages, and allocates them to one or more SEGs. The RMG was created in 2004. The RMG now manages standards evaluations groups in Payments, Securities, Trade Finance, Foreign Exchange and Card and Retail areas. The ISO 20022 website is www.iso20022.org.
TC68 SC2 – Financial Services – Security
SC2 is assigned to work on Security Management and General Banking Operations. This includes the development of standards involved with securing the operations within financial institutions worldwide. Presently, SC2 is comprised of a number of Working Groups (WG’s) involved in financial messaging, security systems based upon biometrics and encryption technologies.
TC68 SC4 – Financial Services – Securities and Related Financial Instruments
SC4 has a scope of work pertaining to financial securities and related financial instruments. Its four Working Groups prepare technical standards on the classification of financial instruments, the identification of business entities, integration of XML in securities transactions and market data modeling.
TC68 SC7 – Financial Services – Core Banking
SC7 focuses on the standardization in the field of core banking which covers the basic banking functions of deposit taking, lending, account maintenance and the payment execution process associated with operating a bank account.
US TAG to TC68 is the X9 Board of Directors
Where appropriate, X9 proposes its American National Standards as international standards. ISO’s Technical Committee 68 (TC68) Financial Services is the global counterpart to ASC X9 and works toward developing worldwide technical standards for all financial service providers. ASC X9 is an experienced and enthusiastic participant in the ISO-based development of standards, and represents one of more than 30 countries working toward global standards development.