DEFINITION of 'ASC X9'
A body established by the American National Standards Institute (ANSI) to develop, establish, maintain and promote standards for the financial services industry with the goal of facilitating the delivery of financial services and products. The scope of activity for X9 was initially approved by the ANSI in 1974, and it was granted official accreditation in 1984.
BREAKING DOWN 'ASC X9'
ASC X9 operates under its own procedures as well as those prescribed and approved by ANSI. It operates numerous technical subcommittees and dozens of technical working groups that develop technical standards and guidelines for the financial industry. ASC X9 plays a crucial role in developing and adopting new technologies used in the banking, insurance and brokerage industries.