Financial Services Industry:Industry Associations
Due to the financial crises in the late 2000s, the industry organizations that help automate, standardize and centralize financial data are more widely known than ever. There are numerous industry associations and standards setting bodies around the world that influence the standards, communication protocols, file formats and technology architecture exchange information electronically between financial institutions and their clients. Some of the most widely known standards organizations include SWIFT, AFP, ISO, NACHA and SWIFT.
The International Organization for Standardization (ISO) is an international-standard-setting body composed of representatives from various national standards organizations. Founded on 23 February 1947, the organization promulgates worldwide proprietary industrial and commercial standards including the emerging ISO 20022 standard widely used across financial services. ISO has its headquarters in Geneva, Switzerland.
NACHA is a national, not-for-profit organization that develops operating rules and business practices for electronic payments. Members of this organization define the rules covering the Automated Clearing House (ACH) network in the United States. While NACHA has largely set the standards for low-value electronic payments for in the United States, there are numerous global variants governing domestic low-value payments systems.
