ISO 18245:2003 Retail financial services — Merchant category codes
Retail financial services (RFCs) are a growing industry that provides a variety of products and services to consumers. The merchant category codes (MCCs) used to categorize RFCs have been updated as ISO 18245:2003. This ISO provides a framework for classifying RFCs, and is based on the International Standard Classification of Goods and Services, Tenth Edition (ISCO-10).
As businesses move away from traditional value-added services and towards more innovative offerings, it’s important to have a clear understanding of how RFCs will be classified in order to make informed decisions about marketing and merchandising. This ISO will help you do just that!
What is ISO 18245:2003 ?
ISO 18245:2003 is a standard for the classification of merchant categories in the retail financial services market. ISO 18245:2003 provides a framework for classifying merchant categories into nine main categories:
- Electronic commerce
- Banking and lending
- Leasing and financing
- Pension and investment products
- Stock trading and investment services
- Other financial services
ISO 18245:2003 is used by banks and other financial institutions to categorize their customers. It is also used by merchants to classify their products and services.
What are the requirements of ISO 18245:2003 ?
Merchant category codes (MCCs) are a classification system used by the retail financial services industry to group merchants according to their product offerings. A merchant with the same MCC can offer different products and services to consumers, depending on the region or country in which it is located.
ISO 18245:2003 defines the requirements for MCCs, including the use of alpha-numeric characters, descriptions of products and services, and validation rules.
MCCs play an important role in the retail financial services industry because they help to improve the accuracy and completeness of customer data. This data is used by banks and other financial institutions to process consumer transactions, assess creditworthiness, and determine insurance premiums.
ISO 18245:2003 is an international standard that is currently being updated. The current version of this standard is ISO 18245:2013. It will be replaced in 2020 by a new version called ISO 18245:2020.
If you are a merchant that offers products or services in multiple countries or regions, you should consider adopting ISO 18245:2003. This standard will help you to ensure accuracy and completeness of customer data, which will benefit your business
What are the benefits of ISO 18245:2003 ?
ISO 18245:2003 is a global standard that addresses the needs of retail financial services providers. It covers a wide range of topics, including product and service definitions, requirements for customer protection and systems resilience, and guidelines for the management of risk.
ISO 18245:2003 has been instrumental in ensuring the safety and reliability of retail financial services. It has helped to improve the quality of these services, while also helping to reduce costs.
There are a number of benefits that can be enjoyed by businesses that implement ISO 18245:2003. Some of these benefits include:
Improved customer protection.
Improved systems resilience.
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