Accredited ACH Professional (AAP) Practice Exam

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Who is authorized to establish and maintain guidelines and standards for the financial industry?

ANSI ASC X12
ANSI ASC X9
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency

The correct answer is: ANSI ASC X9

The correct choice is ANSI ASC X9. This organization is primarily responsible for developing standards for the financial services industry, which includes guidelines for electronic financial transactions, data formats, and related processes. Their work ensures interoperability and security within the financial market, thereby helping to facilitate efficient business operations. The other organizations mentioned do not have the same focus on establishing and maintaining industry-wide standards specifically for financial transactions. ANSI ASC X12, while involved in electronic data interchange standards, focuses more broadly on various industries. The Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) serve regulatory and supervisory roles within the financial system but do not focus primarily on developing the technical standards required for operational guidelines within the industry.