New Standard – X9.129 Legal Orders Exchange
Posted by Ambria Frazier
Annapolis, MD (September 23, 2016) – The Accredited Standards Committee X9 Inc. (X9), developer of standards for the U.S. and global financial services industry, has released a new standard to help financial institutions cope with the mounting volume of legal orders they receive from courts and government agencies.
The X9AB Payments Subcommittee has recently published a new standard titled X9.129 Legal Orders Exchange. This standard was approved and published by the American National Standards Institute (ANSI) on September 9, 2016. The need for this standard was realized because there is a growing volume of legal requests to financial institutions due to overall increases in the regulatory and legal environment. This standard offers benefits such as: reduced errors; improved quality of the process and resulting outputs; improved tracking and management of service levels; reduced operational costs; improved records management; and provides a consistent format and platform. By creating this standard for electronic file formats for the different request types, benefits will be realized by both the requester and the receiver through automation of the process. This is the first of several standards planned by X9 for the legal orders space. If you would like a copy of this standard or other X9 standards, please visit the ANSI web store at www.webstore.ansi.org and select the standards from publisher “ASC X9”.
If you are interested in this standard or our other work related to the financial services industry, click the links to learn more about the work of X9 and the approximately 100 standards and reports that we produce and maintain.
The Accredited Standards Committee X9 Inc. is a non-profit organization accredited by the American National Standards Institute to develop standards for the financial services industry. X9 has over 100 member companies and develops both domestic and international standards. X9 also holds the secretariat for ISO TC68 which produces international standards for the financial services industry. If you would like more information about the work of X9 or about joining X9, please send your request to firstname.lastname@example.org.