It is time for X9C to begin the review for X9.110-2008 (R2013) Transfer of Location of Electronic Contracts. This specification describes a method of transfer for electronic contracts, or electronic records between two disparate Electronic Vaults across a private or public network. The methods and approach described herein prescribe the requirements necessary to maintain compliance with legislation for Electronic Chattel Paper defined in revised UCC Article 9, Section 105.
This announcement is being made so that all those who are interested in participating will have the opportunity to do so. If you are interested in participating, please contact us.
This standard was published February 19, 2016 and was worked on by the BTRS Version 3 working group. The Balance and Transaction Reporting Standard established a common format for exchanging cash management account data. By establishing an efficient mechanism for communication among multiple parties, the standard facilitates complete, accurate, and timely information reporting, and helps reduce the cost of providing this service.
X9C BTRS Committee has published new Detail and Summary codes to support the new Real Time Payment credit transfers. In collaboration with The Clearing House and the Common Global Implementation Committee (CGI for ISO 20022), these codes become the standard in both BAI2 and BTR3 formats. The codes recognize Real Time Payments as a new payment method, separate from Wire and ACH, that allows BTRS/BAI2 users to report and reconcile them separately. These codes are effective immediately. Please visit x9.org/standards/btrs/ for details.
This document was registered with ANSI as a TR on May 8, 2016. This Technical Report was worked on by the X9C4 working group. It will be a useful tool for retail industry members who seek to improve and standardize how debit balances are processed among various trading partners. As a result, this will create efficiencies, potential cost savings in terms of reduced labor, and improved cash management. Four members of the work group co-presented at a webinar on August 10 to help educate the retail industry on how to leverage this technical report.
X9C discussed the possibility of creating an inventory or catalog of electronic invoicing (e-invoicing) standards. This would be an effort similar in style and detail to TR-44-2014 Remittance Standards Inventory. Members were supportive of this suggestion.
X9C is currently in the process of updating TR-44-2014 Remittance Standards Inventory to reflect how ISO 20022 addresses remittance information.