What is ISO-IEC 6523:2017?

An Introduction to ISO-IEC 6523:2017

ISO-IEC 6523:2017, also known as "Information technology -- Structure for the identification of organizations and organization parts," is an international standard created by the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC). This standard provides guidelines and a framework for the identification of organizations and their individual parts in information systems.

The purpose of ISO-IEC 6523:2017 is to establish a standardized structure that enables the unique identification of organizations, offering interoperability and compatibility between different systems. By implementing this standard, organizations can ensure efficient and accurate data exchange, streamline business processes, and enhance communication among various stakeholders.

Key Features of ISO-IEC 6523:2017

ISO-IEC 6523:2017 introduces a comprehensive set of rules and principles for the implementation of organization identification structures. These structures utilize unique numerical identifiers and associated codes to represent organizations and their parts in information systems.

One of the main features of ISO-IEC 6523:2017 is the use of the International Code Designator (ICD). The ICD is a two-digit code that identifies a particular country or group of countries within the ISO 3166 standard. The ICD is combined with other elements, such as the Business Identifier Code (BIC), to create a complete organization identifier.

Another significant feature is the specification of the Legal Entity Identifier (LEI). The LEI is a globally recognized identifier for legal entities involved in financial transactions. It provides transparency and traceability in financial markets, contributing to the prevention of fraud and systemic risk.

Benefits and Applications of ISO-IEC 6523:2017

Implementing ISO-IEC 6523:2017 offers numerous benefits to organizations and stakeholders involved in data exchange and communication. Some of the key advantages include:

1. Improved data quality and accuracy: By using unique organization identifiers, data integrity is enhanced, reducing the risk of errors and duplications.

2. Increased interoperability: ISO-IEC 6523:2017 enables seamless integration and communication between different information systems, facilitating efficient collaboration and data sharing.

3. Enhanced supply chain management: The standard supports precise identification of organizations and their parts, streamlining supply chain processes and reducing operational complexities.

4. Strengthened regulatory compliance: Compliance with ISO-IEC 6523:2017 ensures adherence to international standards and regulations, particularly in financial transactions and reporting.

5. Simplified electronic invoicing and procurement: Organizations can benefit from simplified invoicing and procurement procedures, as the standard enables accurate identification of trading partners.

Conclusion

ISO-IEC 6523:2017 plays a crucial role in establishing a standardized structure for the identification of organizations in various information systems. By implementing this international standard, organizations can enjoy improved efficiency, accuracy, and interoperability, leading to enhanced business operations and communication. Overall, ISO-IEC 6523:2017 is a valuable tool for organizations seeking to optimize their data management and streamline their processes.