The International Organization for Standardization (ISO) is an independent, non-governmental international organization that develops and publishes wide-ranging proprietary, industrial, and commercial standards. In the financial sector, ISO standards form the “plumbing” of global transactions.
Key Financial Standards
- ISO 18245 (Merchant Category Codes): The standard that defines how businesses are classified for credit card processing and rewards.
- ISO 8583: The standard for systems that exchange electronic transactions made by cardholders using payment cards.
- ISO 20022: The emerging multi-part international standard for financial messaging.