T h e s t a n d a r d s s e l e c t e d a re U N I F I ( ISO 20022 ) XML message standards developed by the International Organization for Standardization .

The official abbreviation of the euro , EUR , has been registered with the International Organization for Standardization ( ISO ) .

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The International Organization for Standardization ( ISO ) has translated these logical data elements into universal financial industry ( UNIFI ) message standards , namely the UNIFI ( ISO 20022 ) XML message standards .

PAN EUROPEAN STANDARDS

Standard setting is also evolving rapidly .

The Eurosystem invites the EPC along with the European Committee of Banking Standards ( ECBS ) to respond to the seven High Level Recommendations for Standards made in this report .

Recommendation 5 ( enhanced co operation ) Also , particularly with a view to integrating the standardisation work needed for the SEPA into the wider international context , the EPC is invited to make proposals in order to 1 .

In 1990 the ISO set standards for condom production (ISO 4074, Natural latex rubber condoms), and the EU followed suit with its CEN standard (Directive 93 42 EEC concerning medical devices).

To secure this objective , work on standardisation is of the utmost importance .

This evolution displays aspects of a normalisation of risk pricing .

Standardisation of technical and legal requirements of payments will allow banks to offer faster and more economic end to end automatable payments and facilitate invoicing for businesses .

Standardisation of payment services and processing is critical .

In the second standardisation domain , namely that of terminals and their connection to acquirers , several market driven standardisation initiatives are at hand

In this respect , standardisation should be promoted as regards , in particular , the use of the International Bank Account Number ( IBAN ) and the Bank Identifier code ( BIC ) .

ANNEX 5 SEVEN HIGH LEVEL RECOMMENDATIONS FOR STANDARDS The Eurosystem has been following the standardisation work of the banking industry and , as result of this monitoring , has defined a set of high level recommendations .

The HL7 standards are produced by the Health Level Seven International, an international standards organization, and are adopted by other standards issuing bodies such as American National Standards Institute and International Organization for Standardization.

The SEPA should provide concrete benefits and not be an enforced standardisation exercise .

The normalisation of portfolio allocation behaviour seen in 2004 proceeded only slowly .

The IBM Freescale alliance was replaced by an open standards body called Power.org.

Recommendation 4 ( roles ) Different parties respective roles and responsibilities need to be clarified , including those of a ) European banking standards bodies , b ) other standard bodies , and c ) other stakeholders .

CEN is officially recognised as a European standards body by the European Union the other official European standards bodies are the European Committee for Electrotechnical Standardization (CENELEC) and the European Telecommunications Standards Institute (ETSI).

This change was needed in order to streamline the work of the banking industry in the standardisation field .

Moreover , there is a need for the standardisation activities to address the specific needs of the SEPA .

The EPC has also tried to foster dialogue with stakeholders in the area of cards standardisation .

To overcome these problems, some Creole advocates propose the development of two standards a North (Barlavento) standard, centered on the São Vicente variant, and a South (Sotavento) standard, centered on that of Santiago.

Work on standards should benefit in particular from an enhanced and accepted structure .

This effort will be undertaken within existing standardization ( including card schemes ) organizations .

As a follow up to the EPC cards standardisation document , technical specifications need to be defined .

Components of SEPA SEPA payment instruments SEPA infrastructures Standardisation Legal framework 4 .

In particular , it is uncertain when a normalisation of the situation in financial markets will occur .

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The SEPA Cards Framework refers extensively to standardisation , but it does so in rather broad terms .

Where necessary , standardisation and qualification processes will be undertaken in concert with the Eurosystem .

Second , it identified principles for the underlying processing infrastructures and addressed standardisation issues .

Finally , particular emphasis is placed on the need to accelerate standardisation work .

level .

The International Criminal Court (ICC or ICCt) is an intergovernmental organization and international tribunal that sits in The Hague in the Netherlands.

CONSULTATION 6 .

The EPC has been successful in influencing and aligning the efforts of existing European standardisation initiatives .

The Eurosystem supports the banking industry , card schemes and standard setting bodies in their work .

Standardisation was the preferred option of a majority of payment industry and user associations .

Finally , the ECB supported the standardisation of contractual documentation necessary for the smooth functioning of financial markets .

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