ISO-TC-68-BANKING-DETAIL

ISO TC 68 international finance standards.

Definition

ISO/TC 68 sub-committees: SC 2 Financial Services, security (financial cryptography), SC 7 Core Banking, SC 8 Financial Services, reference data (LEI ISO 17442, BIC ISO 9362), SC 9 Information exchange for financial services (ISO 20022 - largest workstream). Key publications: ISO 20022 Universal Financial Industry Message Scheme (~400 financial messages), ISO 4217 Currency Codes (~290 currencies), ISO 9362 BIC (Business Identifier Code SWIFT), ISO 13616 IBAN, ISO 8583 (Card Transaction Format), ISO 17442 LEI (Legal Entity Identifier). Secretariat held by SCC (Standards Council Canada).

Origin

ISO/TC 68 founded 1948 ; secretariat SCC (Standards Council Canada) Ottawa ; ~40 participating countries (P-members) + ~25 observing countries ; annual meetings.

Example in context

ECB applies ISO 20022 in TARGET2 (TARGET Instant Payment System TIPS) euro settlement ; each transaction uses pacs.008 ISO 20022 Customer Credit Transfer compliant with ISO TC 68 SC 9.

Related terms

• ISO TC 68 — general concept.