What is meant by Transaction standards?
"Transaction standards" are specific rules, guidelines, and formats that define how electronic transactions should be conducted between different computer systems or organizations. These standards facilitate smooth exchange of data and information and ensure interoperability between different IT systems.
Typical functions of software in the "transaction standards" area are:
-
Implementation of Standards:
- Support and implementation of common transaction standards such as EDIFACT (Electronic Data Interchange for Administration, Commerce, and Transport), ANSI X12, XML (Extensible Markup Language), or HL7 (Health Level Seven) depending on the use case.
-
Data Mapping and Conversion:
- Conversion of data formats and structures between different transaction standards to ensure compatibility between different systems.
- Mapping of data fields and attributes between source and target formats to enable correct data transmission.
-
Transaction Validation:
- Validation of incoming transactions for compliance with defined transaction standards and rules.
- Identification of errors or inconsistencies in transaction data and generation of error reports for troubleshooting.
-
Routing and Forwarding:
- Forwarding of transactions to the appropriate recipients or systems based on defined rules and routings.
- Monitoring transaction flow and ensuring proper delivery of data to the destination locations.