ISO 8583 is a message format or standard for exchanging and processing of Electronic Financial and Non Financial Transactions using payment cards. It states the structure and specification for the exchange of messages across different payment platforms ensuring ease of integration of these systems and entities within a full transaction life-cycle.
ISO 8583 defines the messaging for various financial transaction types such as withdrawals, purchases, electronic funds transfers, account balances as well as non-financial messages including key exchange, echo requests and responces, sign-on and sign-off messages, pin change and other interface integration communication and network management messages.
The are three versions of ISO 8583 which are ISO8583:1987, ISO8583:1993 and latest version ISO 8583-1:2003 and as defined by the International Organisation of Standardization, ISO 8583-1:2003 specifies a common interface by which financial transaction card originated messages may be interchanged between acquirers and card issuers. It states the message structure, format and content, data elements and values for data elements.
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