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.
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. Click here to visit the ISO 20022 website.
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 SC8 – Financial Services – Reference Data for Financial Services
SC8 is a newly formed subcommittee under ISO/TC 68. This subcommittee covers identifiers, classifiers and codes, consistency of data records and notations, interoperability of concepts and definitions, reference models, data dictionaries and repositories, financial instruments structure and processes, payments domain support, and the identification and classification of payment instruments.
TC68 SC9 – Financial Services – Information Exchange for Financial Services
The SC9 Information Exchange Financial Services is also a new subcommittee with a focus on modeling, financial messaging, formats/syntax, protocols, Application Program Interfaces (APIs), application of semantics/ontologies, mobile information exchange as well as common definitions and meanings and re-use principles. This subcommittee also has a scope of work pertaining to the assessment of process re-engineering on opportunities for new interchange standards, e.g., e-trade and supply chain finance building on the existing trade finance work of ISO/TC 68.
TC321 Transaction Assurance in E-commerce
TC321 oversees standardization in the field of “transaction assurance and upstream/downstream directly related processes in e-commerce”, including:
- The assurance of transaction process in e-commerce (including easier access to e-platforms and estores);
- The protection of online consumer rights including both prevention of online disputes and resolution process;
- The interoperability and admissibility of commodity quality inspection result in cross-border e-commerce.
- The assurance of e-commerce delivery to the final consumer.
Since the payment and security of the transaction are very important in e-commerce, the new technical committee will cooperate with ISO/TC 68 (Financial services), ISO/IEC/JTC1/SC 27 (IT Security techniques) and other TC via a liaison membership.
TC322 Sustainable Finance
TC322 handles standardization in the field of circular economy to develop requirements, frameworks, guidance and supporting tools related to the implementation of circular economy projects. The proposed deliverables will apply to any organization or group of organizations wishing to implement circular economy projects, such as commercial organizations, public services and not-for-profit organizations.
US TAG to TC68 is the X9 Board of Directors
Where appropriate, X9 proposes its American National Standards as international standards and X9 can adopt an ISO standard as a national standard. 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.