What is ISO 23897 about?
ISO 23897 discusses financial services. ISO 23897 fulfils the need for the identification of financial transactions in a structured way in order, among other things, for one transaction to be distinguished from any other. ISO 23897 specifies the elements of an unambiguous scheme to identify a financial transaction uniquely whenever useful and agreed by the parties or community involved in the transaction.
Note: ISO 23897 does not specify the timing of assignment of who should be responsible for its generation, so as not to limit its usage or relevance, nor does it consider a need to establish a data record for the unique transaction identifier (UTI) itself.
Who is ISO 23897 for?
ISO 23897 on unique transaction identifier (UTI) is useful for:
- Financial regulatory authorities
- Financial/banking service providers
- Money transfer applications
Why should you use ISO 23897?
The UTI is defined as the unique number of a financial transaction to be allocated as agreed among the parties and/or within the regulatory system under which it is formed.
ISO 23897 provides you with a standardized format and structure for UTI that is globally unique and therefore can be referenced unambiguously by all parties involved or interested in that transaction. ISO 23897 benefits are as follows:
- ISO 23897 enables the unique identification of financial transactions across a variety of use cases (inclusive of reporting) while remaining consistent in the application
- ISO 23897 defines a UTI scheme that is reliable and a UTI code that is persistent
- ISO 23897 defines a UTI scheme that is free from the limitation on use and redistribution
- ISO 23897 leverages the expertise of ISO/TC 68 in defining and maintaining identifier standards
- ISO 23897 allows standardization across geographies for tracking financial transactions.
