It sounds like a dope supersonic fighter jet that you'll hear a lot more about if they ever get around to making Top Gun 2. But in reality, ASC X9 (known to most as X9) is short for Accredited Standards Committee X9 Financial Industry Standards, Inc. Like X12, it develops and promotes standards for the exchange of information. However, unlike X12, it specifically focuses on the financial services industry.
X9's mission is to develop, establish, maintain and promote standards that facilitate the delivery of financial services and products in the United States and around the world. This applies to many applications, such as PIN protection, security, and even stock and bond trading.
Both the X9 and X12 were set up by the American National Standards Institute, a non-profit group dedicated to creating standards for various industries. It's basically an organization that helps business groups self-regulate.
The X9, set up in 1974, provides guidelines to the financial services industry, with a focus on the integration of new technology. The X12 came about in 1979 and focuses on standards related to electronic data interchange, or EDI. Both committees look to keep companies on the same page as technology develops, allowing for a smoother and more efficient adoption.
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Finance: What is a 501c3?8 Views
Finance a la shmoop... what is a 501c3.... well it's a charity people and it [Man discussing 501c3 charity]
sounds way cooler if you call it a number and with a letter than a number
right 501cPO...remember 007 yeah, way cooler than just
James right all right well 501c3 is the United States legal code number that
created space for federally tax-exempt charities that's a C there; C for
charity and there are 29 flavors of charitable category that they addressed [Ice cream flavors]
now the government's working hard to catch up to baskin-robbins numbers but
they're not there yet specifically some of those 29 flavors [Girl given an ice cream cone]
include religious organizations, scientific literary or educational
charities, charities for amateur sports, testing for public safety kind of
charities yeah like the crash dummies charities involving cruelty to children [Woman on a swing with a child]
women and animals and yeah most of these are anti so why the special treatment
well if a 501c3 follows the many strict rules to maintain its nonprofit status
then donors giving money to it get to deduct that money right off the top when [Donor gives money to charity]
they're doing their taxes like if a tax payers paying 40 percent marginal tax
and they donate a dollar well that dollar only costs um 60 cents to donate
the US government essentially underwrites charitable donations at
least to a point like they forgive 40 cents of tax in that dollar and that's a
good thing we need noblesse oblige charities in the world they do good work
well most of them do.. [People standing behind charity stalls]