Industry Forum Open to All Interested Parties
ANNAPOLIS, Md.--(BUSINESS WIRE)--#Faster_Payments_Council--Today the Accredited Standards Committee X9 Inc. (X9), the organization accredited by ANSI to develop financial industry standards for the United States, announced the first meeting of a new industry forum focused on U.S. payment fraud, with the goal of identifying ways to reduce and mitigate fraud across payment types. The group is member driven and will meet every month virtually; individual project teams will set their own schedules. Participation is open to anyone in the financial services industry, and all who sign up will receive invitations to the first meeting.
The new X9 Payment Fraud Forum brings together payment industry stakeholders to identify and elaborate on approaches to combat the growing issue of fraud, regardless of the payment type or payment rail. The new group will integrate the insights and discoveries gathered by the existing X9 Check Fraud Industry Forum, which will continue as a subgroup within the Payment Fraud Forum. Initial leadership of the forum includes representatives from the Federal Reserve Financial Services, The Clearing House and the U.S. Faster Payments Council (FPC), as set out by the recent strategic alliance between the FPC and X9.
Fraud schemes today affect all types of financial institutions, payment types and payment networks, along with stakeholders across the entire financial ecosystem. These include consumers, banks, retailers, non-profits, government agencies, payment system operators and other corporate entities: no aspect or type of business in the United States is currently impervious to fraud. Furthermore, there are gaps in the ways in which fraudulent activity is described, categorized, reported and shared, which impedes the development of solutions.
The new forum seeks to remedy this situation by identifying and addressing important topics for market coordination in the U.S. financial ecosystem, thus enhancing security for payments across the board. The group aims to achieve its goals by fostering greater collaboration and information sharing, working together to uncover or develop best practices for identifying, categorizing and reporting fraudulent activity, and enabling faster threat detection and identification of fraud trends across the industry, regardless of payment type or platform.
The forum's work will complement and, as necessary, align and cooperate with other industry efforts. Deliverables will include white papers and market practice guidance, among other offerings, as determined by specific project needs. The group's work could ultimately contribute to the development of industry standards, if there is sufficient industry support.
"Effectively combating payment fraud requires coordination across the entire payments ecosystem," said Mike Timoney, vice president of secure payments for Federal Reserve Financial Services. "This initiative is focused on turning industry collaboration into action -- identifying opportunities where organizations can work together to address shared challenges and strengthen the safety and resiliency of U.S. payments."
"Payment fraud is an industry-wide challenge that cuts across institutions, payment methods and individual organizations. No single participant has a complete view of the evolving fraud landscape," said Kyle Caldwell, vice president and head of fraud prevention at The Clearing House. "The Clearing House is pleased to participate in the X9 Payments Fraud Forum and contribute our perspective to a broader industry dialogue focused on strengthening our collective understanding of fraud and the challenges facing the payments ecosystem."
An X9 industry forum is a group of industry representatives who can provide a comprehensive perspective on an issue assigned to the forum. Such a forum may include members from different industries that play different roles in relationship to the issue: some may be producers and others may be consumers of a product or service that comprises the issue. The forum may include both members and non-members of X9, and it will be managed by X9. A forum is not authorized to develop ANSI-defined documents such as standards or technical reports, but a forum may develop and publish white papers or other non-ANSI documents.
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; blockchain technology; electronic exchange of check images; processing of electronic legal orders issued to financial institutions; tracking of financial transactions and instruments; financial transaction messaging (ISO 8583 and 20022); quantum computing; AI, QR code secure payments; checks; cloud; data breach notification and more. In addition, X9 is the governing body for a family of X9 Financial PKI products issued by DigiCert.
X9 acts as the U.S. Technical Advisory Group (TAG) for ISO TC68 (Financial Services) and performs the secretariat functions for ISO TC68. Please visit our website (www.x9.org) for more information.
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Contacts
For further information:
Judith Vanderkay
jvanderkay@gmail.com
+1 (781) 883-3793