ISO 23897:2020 Unique Transaction Identifier (UTI) standard published

ISO 23897:2020 Unique Transaction Identifier (UTI) standard published

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The UTI (Unique transaction identifier) standard (ISO 23897:2020) was published in August 2020  https://www.iso.org/standard/77308.htmlThis standard 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.   It 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. Read more....

BACKGROUND:

 

Identifying transactions uniquely is an important component of financial services and critical to many aspects of global regulatory work.

 

The goal of this standard is to provide a standardized format and structure for a transaction identifier that will be globally unique and therefore can be referenced unambiguously by all parties involved or interested in a given transaction. In this way, the unique transaction identifier (UTI) can be carried as a related reference element across disparate systems and processes, or act as a primary identifier if systems and processes allow it.

 

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. Examples of usage include the reporting of financial transactions to any authority in any jurisdiction, including OTC (over the counter) derivative transactions to be reported to trade repositories. The minimum requirement is to satisfy the unique identification of a transaction that is reportable according to any jurisdiction's regulatory requirements, but this should not restrict or limit the use of this standard for other purposes.