ANNAPOLIS, Md.--(BUSINESS WIRE)--The Accredited Standards Committee X9 Inc. (X9) today announced that it has started an open industry forum centering on its legal order exchange standards. The new group, open to all industry representatives at no charge, will serve as a roundtable platform for interested parties involved with legal orders that affect the financial services industry. The forum will discuss current and future X9 standards, and their benefits and interoperability in this area. In addition, the industry forum will provide a conduit between the users of the standards and the X9 group responsible for maintaining the standards.
An X9 industry forum is a group of industry representatives who can provide a comprehensive perspective on a particular issue. The Legal Orders Forum will first review the background and benefits of the electronic levy exchange standard, X9.129, and its interoperability. It will consider the benefits and challenges of industry adoption of the standard, with the eventual goal of identifying ways to assist with broader adoption. Potential participants include representatives of financial institutions, law enforcement, law firms, and tax and social service collection agencies.
In the future, the forum will also foster discussion supporting other X9 standards for electronic exchange between requestors and financial institutions, such as X9.144 -- Production Subpoenas.
Background: banks receive legal orders through a variety of channels and in a variety of formats from federal, state and local government and legal entities. Once banks receive the requests, they typically have fulfilled them through highly manual, time-consuming, error-prone processes. Standardizing electronic file formats benefits both the requestor and the receiver, through increased automation of the process. X9 standards have been implemented at leading U.S. banks and other financial institutions, and at a number of government agencies.
The forum will not develop standards or technical reports. However, it may publish white papers or other documents, offer webinars or provide direct feedback to the X9 working group responsible for developing the standards, so that the working group can better understand the needs of the industry and make any adjustments to the standards that may be necessary. Prominent financial institutions in the United States are sponsors of the initiative. The forum's work does not compete with but complements related industry activity. Participants are not required to be X9 members. Those interested in joining this forum may write to admin@x9.org for information.
"We offer this forum in order to provide a central point for discussion of enhancements to the process of legal orders exchange and related issues. We invite all with interest in this topic to join us and add their expertise to our collaboration," said Steve Stevens, X9 executive director. "As the volume of legal order requests continues to increase, we hope that the forum's work will lead to increased quality, efficiency and cost-effectiveness in processing legal orders."
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; PKI; checks; cloud; data breach notification and more.
X9 acts as the U.S. Technical Advisory Group (TAG) for ISO TC68 (Financial), TC321 (E-Commerce) and TC322 (Sustainable Finance) and performs the secretariat functions for ISO TC68. Please visit our website (www.x9.org) for more information.
