ANSI X.9

ANSI X.9 (or “ANSI/X.9”) is a group of standards commonly used with bulk data transmissions in item processing and Fed transfers. An example of an ANSI X.9 standard is “ANSI X9.100-182-2011” which covers how XML can be used to deliver bulk data and images. Published ANSI standards may include some technical artifacts such as XML[..]

BIC

A Bank Identifier Code (BIC) is an 8 or 11 character ISO code used in SWIFT transactions to identify a particular financial institution.   (BICs are also called “SWIFT addresses” or “SWIFT codes”.)  The format of the BIC is determined by ISO 9362, which now provides for unique identification codes for both financial and non-financial organisations.[..]

Check 21

“Check 21” is the common name for the United States’ Check Clearing for the 21st Century Act, a federal law enacted in 2003 that enabled banks to phase out paper check handling by allowing electronic check images (especially TIFF-formatted files) to serve all the same legal roles as original paper checks. Check 21’s effect on[..]

DEPCON

DEPCON is the common name for the Unisys Distributed Enterprise Print Controller software.  This software is often deployed in financial data centers that use it to break apart and distributed aggregated reports.  As more and more print jobs moved to electronic distribution formats, file transfer technology was frequently applied to either handle incoming report batches[..]

ECBS

The European Committee for Banking Standards (“ECBS”) was a standards body that focused on European banking technology and infrastructure.  It was formed in 1992 and disbanded in 2006; it has since been replaced by the European Payments Council. It is still common to see references to the ECBS in GSIT and PeSIT documentation.

European Payments Council

The European Payments Council (“EPC”) coordinates European inter-banking technology and protocols, particularly in relation to payments.  In 2011 the EPC boasted that it processed 71.5 billion electronic payment transactions. The EPC assumed all the former duties of the European Committee for Banking Standards (“ECBS”) in 2006.  It is now the major driver behind the Single[..]

FDIC

The FDIC (“Federal Deposit Insurance Corporation”) directly examines and supervises more than 4,900 United States banks for operational safety and soundness.  (As of January 2011, there were just less than 10,000 banks in the United States; about half are chartered by the federal government.) As part of its bank examinations, the FDIC often inspects the[..]

Federal Reserve

The Federal Reserve (also “the Fed”) is the central bank of the United States.  It behaves like a regulatory agency in some areas, but its main role in the file transfer industry is as the primary clearinghouse for interbank transactions batched up in files.  Nearly every bank or bank service center has a file transfer[..]

FFIEC

The FFIEC (“Federal Financial Institutions Examination Council”) is a United States government regulatory body that ensures that principles, standards, and report forms are uniform across the most important financial regulatory agencies in the country. The agencies involved include the Federal Reserve (“the Fed”), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA),[..]

NCUA

The NCUA (“National Credit Union Administration”) is like the FDIC for credit unions.  It provides insurance to credit unions and expects a solid level of operations in return.   It provides regulations and audits member credit unions for fitness. The NCUA’s official web site is www.ncua.gov. See also: “FFIEC” (umbrella regulation, including state chartered banks), “FDIC”[..]

OCC

The OCC (“Office of the Comptroller of the Currency”) is an independent bureau of the United States Treasury Department.  It charters, regulates and supervises all national banks. It also supervises the federal branches and agencies of foreign banks.  In its regulatory role, it is similar to the FDIC. The OCC’s official web site is www.occ.treas.gov.[..]

OTS

The OTS (“Office of Thrift Supervision”) is a United States Treasury Department office that oversees “savings and loans”, particularly those involved in real estate mortgages.  The OTS examines each member institution every 12-to-18 months to assess the institution’s safety and soundness.   In that role, it behaves much like the FDIC does with federally chartered banks.[..]

SEPA

The Single Euro Payments Area (SEPA) is an EU initiative to unify payments within the EU.  It is primarily driven by the European Payments Council.  (SEPA is not, by itself, a standard.)

SWIFT

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) runs a popular system used by banks around the world to quickly exchange transactions with each other.  Most international interbank messages use this system.  Unlike clearing houses or other institutions that provide intermediate or final settlement of financial transactions, SWIFT is simply a secure transaction service.  Remote[..]