In 1974, the American National Standards Institute (ANSI) approved the scope of activity for the X9 Standards Committee on Banking, as “Standardization for Facilitating Banking Operations.”
In June, 1976, the X9 Standards Committee approved expansion of its membership to include vendors, insurance companies, associations, retailers, regulators, and others in the financial services area. With this approval, the name was changed to X9, Financial Services.
ANSI first granted X9 official accreditation in 1984. The official committee name became as it remains today, Accredited Standards Committee (ASC) X9, Financial Services. Since this time, ASC X9 was incorporated under a 501 C6 non profit designation for associations.
ASC X9, Inc. operates under its own procedures as well as those prescribed and approved by the American National Standards Institute. Presently, ASC X9 operates 4 technical subcommittees and 20-to-30 technical working groups that develop financial industry technical standards and guidelines. ASC X9 is the USA Technical Advisory Group (TAG) to the International Technical Committee on Financial Services (TC68) under the International Organization for Standardization (ISO), of Geneva, Switzerland. In this role, X9 holds the USA vote on all ISO standards of TC 68 or its subcommittees SC2, SC4, and SC7.
ASC X9 standards are widely used and recognized. Many X9 standards are either cited or required by the Federal government for use in financial procedures and transactions. In addition, X9 standards are the basis for many international standards used in facilitating global commerce.