What is ISO/FDIS 8583-1: 2017 ?

ISO/FDIS 8583-1: 2017 is a critical international standard that defines the format and content of messages exchanged between devices in a financial transaction network. It plays a vital role in facilitating secure and reliable communication between different entities involved in electronic payment processing. The standard has a hierarchical structure that comprises multiple levels, each serving a specific purpose.

The highest level of ISO/FDIS 8583-1: 2017 defines a Message Type Identifier (MTI) that categorizes the messages into various types based on their functionality. This level also defines a series of fields, each responsible for carrying specific data elements related to the financial transaction or message itself. These fields are organized into different levels, known as Primary Bitmap and Secondary Bitmaps, allowing for efficient and compact message representation.

ISO/FDIS 8583-1: 2017 also defines a set of messages that can be exchanged between devices, along with their format and content. These messages are divided into several categories, including Transaction Requests, Transaction Confirmations, and Error Messages. The standard provides detailed descriptions of each message type, including the data elements that can be included in each message, as well as the maximum length of each message.

ISO/FDIS 8583-1: 2017 also defines a set of fields that can be included in each message. These fields include the sender and receiver system Identifiers, the transaction type, the transaction amount, and any additional data elements that can be included in the message. The standard provides guidelines for the maximum length of each field, as well as how to format the data in each field.

ISO/FDIS 8583-1: 2017 also defines a set of messages that cannot be included in the standard, including those that are not compatible with the standard's formatting or those that are not authorized for use in the financial transaction network.

Conclusion

ISO/FDIS 8583-1: 2017 is an essential international standard that defines the format and content of messages exchanged between devices in a financial transaction network. By providing a standardized framework for the exchange of financial transaction-related information, it enables interoperability among various systems involved in processing electronic payments. The standard's hierarchical structure, with its multiple levels of message definitions and field organization, allows for efficient and compact message representation. With its use, ISO/FDIS 8583-1: 2017 plays a critical role in ensuring the security and reliability of financial transactions.