International Electrotechnical Commission (IEC)

The International Electrotechnical Commission (IEC) is a global, not-for-profit membership organization that prepares and publishes international standards for all electrical, electronic, and related technologies — known collectively as “electrotechnology.” Founded in London in 1906, the IEC brings together experts from around the world to develop standards that ensure the safety, reliability, and efficiency of electrotechnical products and systems. By providing a common technical language and set of guidelines, the IEC facilitates international trade and innovation, helping to harmonize practices and reduce barriers to market entry.

In the Financial Services industry, IEC standards play a vital role in ensuring the security and reliability of electronic financial transactions. For instance, they set system requirements for Internet of Things (IoT) technology for chattel asset monitoring in support of financial services. Additionally, IEC standards for data communication and network security help financial institutions implement robust systems that can handle large volumes of transactions securely and efficiently. By adhering to these standards, financial institutions can enhance their cybersecurity measures, comply with regulatory requirements, and build trust with their customers.

The International Electrotechnical Commission (IEC) also collaborates with other international organizations, such as the International Organization for Standardization (ISO) and the International Telecommunication Union (ITU), to develop comprehensive standards that address the complex needs of the financial services industry. This collaboration ensures that standards are aligned and complementary, providing a robust framework for the development and implementation of secure and efficient financial technologies. By participating in these standards, financial institutions can stay ahead of emerging trends and technologies, ensuring they remain competitive and resilient in a rapidly evolving landscape.