New Standards Cover Legal Order Requests and Account Verification Requests

ANNAPOLIS, Md.: #X9_standards--The Accredited Standards Committee X9 Inc. (X9) today announced that its Financial Services Operations Subcommittee, X9B, has completed two new standards: X9.144 Legal Record Request and X9.147 Account Verification Requests Exchange. Both new standards will benefit the industry by enabling increased automation, interoperability and efficiency; both X9.144 and X9.147 are available for download from the ANSI Store.

The X9B subcommittee, composed of representatives from X9 member organizations, develops and supports standards that enable interoperability and reduced dependency on manual and paper-based processing with respect to back-office operations.

The X9.144 Legal Record Request standard addresses the growing volume of legal record requests by introducing a streamlined, automated process to enhance efficiency and accuracy for both requesters and responders. At present, legal record requests, including subpoenas, can arrive at a financial institution in a multitude of formats and delivery methods, ranging from mail and email to fax and physical delivery. This diversity in formats has led to a manual, time-consuming, and error-prone process for financial institutions tasked with fulfilling these requests. The X9.144 standard aims to revolutionize this process by establishing a set of electronic file format standards that facilitate automation and improve overall service delivery.

The X9.147 Account Verification Requests Exchange standard is a groundbreaking document that aims to streamline and automate the traditionally manual process of audit confirmations, deposit verifications and account verifications, offering a more efficient and error-free solution for financial institutions and their customers. Today, customer-authorized requests for account data, which are essential for independent audits and various verifications, have become increasingly complex. These requests, often delivered in multiple formats through various channels, pose significant challenges, especially during peak audit seasons. X9.147 addresses these challenges by introducing a data exchange standard that directly maps to a financial institution's deposit system, promising to automate these processes almost entirely.

"The X9.144 standard represents a significant advancement in the financial industry's ability to manage legal record requests efficiently and effectively, while X9.147 is a significant leap forward in the financial industry's quest for efficiency and accuracy. By adopting these standards, financial institutions can enhance their operational processes, reduce costs, and enhance their customer service offerings," said X9 Executive Director Steve Stevens. "The entire financial services industry will benefit from the hard work of X9B subcommittee members to develop these standards."

About the Accredited Standards Committee X9 Inc.

The Accredited Standards Committee X9 Inc. is a non-profit organization accredited by the American National Standards Institute (ANSI) to develop and maintain national and – through ISO -- international standards for the financial services industry. The subjects of X9's standards include: retail, mobile and business payments; corporate treasury functions; block chain technology; processing of electronic legal orders issued to financial institutions; tracking of financial transactions and instruments; financial transaction messaging (ISO 8583 and 20022); quantum computing; AI, X9 PKI; checks; cloud; data breach notification and more.

X9 acts as the U.S. Technical Advisory Group (TAG) for ISO TC68 (Financial) and performs the secretariat functions for ISO TC68. Please visit our website (www.x9.org) for more information.

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Fonte: Business Wire