The Accredited Standards Committee X9 Inc. (X9) has announced the formation of a U.
S. Payments Study Group, established to serve as an industry resource for tracking and understanding the diverse payment methods utilized within the United States.
This new study group marks a significant development as it is the first within X9 to comprehensively survey the entire landscape of U.
S. payment types and assess potential new payment systems. Its core objectives include research, education, and knowledge-sharing, aiming to provide a consolidated view of the evolving payments environment.
The primary deliverable of the group will be an X9 Handbook of U.
S. Payment Types and Uses. This handbook, intended for public access, will be regularly updated to incorporate new developments in the payments landscape. It will cover traditional, emerging, and alternative payment methods, detailing their characteristics, operational models, regulatory frameworks, risks, and adoption trends.
Specific payment systems and instruments to be explored include checks, credit cards, ACH, wires, P2P, cryptocurrency, ISO 20022-based systems and related ISO standards, QR payments, tokenization, and digital currencies. The group will also provide ongoing analysis of payment innovations and evolving practices, ensuring the handbook remains current. Furthermore, it will identify industry needs and potential gaps where X9 could consider developing new standards, recommended practices, or guidance.
Tom Brown, leader of the new study group, X9 member emeritus, and retired Associate Director of the U.
S. Treasury’s Office of Financial Research, commented, “While many efforts operate within X9, this is the first group to survey the full landscape of payment types in the United States or evaluate potential new payment systems. Because X9’s mission centers on the movement of money, a comprehensive view of the increasingly complex and varied landscape of payments in the United States is important to X9 and indeed, the entire financial services industry.”
Participation in the study group is open to all industry participants, irrespective of their association with X9 member organizations. Interested individuals can sign up via the X9 website.
X9 is a non-profit organization accredited by the American National Standards Institute (ANSI), responsible for developing and maintaining national and international standards for the financial services industry. Its standards cover a broad range of topics including retail, mobile, and business payments; corporate treasury functions; blockchain technology; electronic legal orders; financial transaction messaging (ISO 8583 and 20022); and secure payments using QR codes. X9 also acts as the U.
S. Technical Advisory Group (TAG) for ISO TC68 (Financial Services) and serves as the secretariat for ISO TC68.
