In this article, we look at the process of key generation and key derivation as described by the ANSI X9.24-1-2017 standard. This process is mandatory for operations performed by the retail financial services industry.

The ANSI X9.24-1-2017 norm details how symmetric cryptographic keys should be managed and handled by the relevant actors of the retail financial services companies. Here we outline the general techniques and methodologies that are required or suggested by the standard.