The Accredited Standards Committee X9 Inc. (X9) has enhanced and expanded X9.129, “Electronic File Format Standards for Presentment and Remittance of Legal Orders”, the company said.
This set of standards establishes the file sequences, record types and field formats to be used for the electronic bilateral exchange of legal orders specific to levies and assets. The revised standards streamline some requirements and add details for others, improving efficiency and accuracy.
In the current environment, 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. Using this enhanced set of standards for electronic file formats for the different request types benefits both the requestor and the receiver, through increased automation of the process. In its initial version, X9.129 has been implemented at some US banks.
X9.129-2020 is now available for download. It is accompanied by a technical report, TR 51, which formalizes an industry standard for exchange of legal orders using the X9.129 standard format and a compilation of industry norms. This document clarifies how financial institutions and agencies should use the standard to ensure that all necessary and appropriate levies and asset-based orders are correctly exchanged between financial institutions and/or agencies.
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.