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ASC X9 Creating Standard for Electronic Responses to Subpoenas by BanksThe Accredited Standards Committee X9 Inc. (X9) is working to develop a new set of standards, "X9.144 Production Subpoena Orders Exchange," for electronic delivery of and response to subpoenas received by financial institutions. Subpoenas for bank records arrive through a variety of channels and in a variety of formats, from a range of sources, and dealing with them is labor-intensive. These new standards for electronic presentment and production of subpoenaed materials will result in efficiency gains through improved quality and speed, as well as reduced processing costs. Participants are sought for this initiative. Subpoenas are served upon banks by federal, state, and local government agencies and law firms, and the volume of requests has recently been growing. The documents come to banks via mail, email and fax, or are physically delivered. After a bank receives a subpoena, the process for responding to and fulfilling it is highly manual, time-consuming and vulnerable to errors, and automation is applied only in limited areas. Standardized electronic file formats for the different request types will yield benefits for both the subpoena requester and responder. Specific benefits will include:
The X9.144 work is being undertaken by X9's X9B22 Legal Orders working group, which welcomes additional takeholders and subject matter experts to participate in this effort; for example, software companies that might be interested in developing products around the standard. "This new standards set will deliver long-needed efficiency and streamlining to what has historically been a paper-intensive and highly manual situation, eliminating much of the opportunity for human error and creating positive results for all involved," said Steve Stevens, X9 executive director.
ANSI X9.129 Legal Orders Exchange
About the Accredited Standards Committee X9 Inc. The subjects of X9's standards include: retail and mobile payments; printing and processing of checks; corporate treasury functions; block chain technology; processing of legal orders issued to financial institutions; tracking of financial transactions and instruments; tokenization of data; protection of financial data at rest and in motion; electronic contracts; and remittance data in business payments. X9 also performs the secretariat function and provides the committee chair for ISO TC 68, which produces international standards for the global financial services industry. For more information about X9 and its work, visit www.x9.org. Follow ASC (News - Alert) X9 on Facebook, LinkedIn and Twitter
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