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ISO rolls out new standards for mobile banking

06 April 2017  |  10437 views  |  2 Mobile banking on smartphone

International standards body ISO has rolled out a new set of specifications for mobile banking aimed at promoting financial inclusion.

The new technical standards were put together by a working group comprising representatives from the European Payments Council and Swift, and consumer representatives like Consumers International, among others.

ISO 12812, Core banking - Mobile financial services, defines common terms and requirements for greater interoperability. It specifies the technical components and their interfaces and the role of the various parties so that everyone is on the same page.

Patrice Hertzog, chair of ISO/TC 68/SC 7, the ISO technical subcommittee that developed the series, says that with more people having mobile phones than bank accounts in the world, developing this technology will bring secure financial services to a wider audience.

“The World Bank has a goal of universal financial access by 2020, and these standards will help contribute to that," he says. “In addition, through supporting the development and implementation of technology in this area, the standards will provide a catalyst for refining and improving the experience of the end user by complementing other standards in the sector such as ISO 20022 for financial messaging.”

Comments: (2)

Paul Creswick
Paul Creswick - APCA - 61488135449 | 06 April, 2017, 11:31

To refer to the suite of 12812 publications as standards, or even "technical standards" is inaccurate. Only part 1 is formally an international standard, as parts 2 thru 5 could not gain sufficient support to be accepted as full standards, but instead were pushed through to publication as Technical Specifications which is a classificationthat addresses work still undertechnical development, or where it is believed that there will be a future, but not immediate, possibility of agreement on an International Standard.

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Mario Castelhano
Mario Castelhano - BS4A - Queijas | 07 April, 2017, 14:52

Very interesting and timely article. These standards are very welcomed to standardize the mobile payments platforms and to enable its growth. I watched and used some mobile banling solutions, in Mozambique, where very cheap non-smart phones are used on mobile transfers and mobile payments very successfully.We can see this as the future now, not just for the unbanked but also the all bank customers in general.

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