ISO rolls out new standards for mobile banking

According to ISO (International standard body), there are going to be a new set of specifications for mobile banking for 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.”