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Financial Services Standards Bodies and Industry Associations

There are international and national standards organizations and industry associations that set standards across the globe for the financial services sector. These organizations and associations may be governmental, quasi-governmental or non-governmental entities. Quasi- and non-governmental standards organizations are often non-profit organizations.

AFP

The AFP (Association for Financial Professionals) serves a network of more than 16,000 treasury and finance professionals. Headquartered in Bethesda, MD, US, AFP provides members with breaking news, economic research and data on the evolving world of treasury and finance, as well as world-class treasury certification programs, networking events, financial analytical tools, training, and public policy representation to legislators and regulators.

CFONB

Comité Français d’Organisation et de Normalisation Bancaires (CFONB) is the French banking system’s standards setting agency. The CFONB formulates technical specifications and rules governing transactions regularly exchanged between banks through the CFONB.

CGI

The Common Global Implementation (CGI) initiative provides a forum for financial institutions (banks and bank associations) and non-financial institutions (corporates, corporate associations, vendors and market infrastructures) to progress various corporate-to-bank implementation topics on the use of ISO 20022 messages and other related activities, in the payments domain.

FEBRABAN

FEBRABAN is a non-profit association dedicated to providing services to Brazilian banks. Affiliated with the Latin American Federation of Banks (FELABAN), FEBRABAN is fundamentally committed to strengthening the Brazilian financial system and its relationships with society and to contribute to the country’s economic, social and sustainable development. Founded in 1967, FEBRABAN is the main representative entity of the Brazilian banking sector.

ISO Technical Committee TC68 Financial Services

The ISO Technical Committee TC68 Financial Services is responsible for developing the ISO 20022 standard, a common platform for the development of financial transaction messages using:

  • A modelling methodology (based on UML) to capture in a syntax-independent way financial business areas, business transactions and associated message flows;
  • A central dictionary of business items used in financial communications;
  • A set of XML design rules to convert the messages described in UML into XML schemas, whenever the use of the ISO 20022 XML-based syntax is preferred.

NACHA

NACHA (The National Automated Clearing House Association) is a not-for-profit trade association that develops operating rules and business practices for the nationwide network of automated clearing houses (ACHs) and for other areas of electronic payments. NACHA manages the development, administration, and governance of the ACH Network and is the national association responsible for ACH payments.

SWIFT

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a member-owned cooperative through which the financial world conducts its business operations with speed, certainty and confidence. More than 10,000 financial institutions and corporations in 212 countries trust us every day to exchange millions of standardised financial messages. This activity involves the secure exchange of proprietary data while ensuring its confidentiality and integrity.

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