A series of newly published international standards and technical specifications will provide a platform for mobile banking technology to expand and grow, bringing robust and secure banking services to more people than ever before.
ISO 12812, Core banking – Mobile financial services, defines common terms and requirements for greater interoperability. The standard specifies the technical components, 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, said as more people globally have mobile phones than bank accounts, developing this technology will bring secure financial services to a wider audience.
“Financial access has many benefits, allowing people and businesses to plan their lives and also invest in things like education and health, and access insurance,” Hertzog said. “The World Bank has a goal of universal financial access by 2020, and these standards will help contribute to that.
“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.”
The series was developed by working group WG 10 of ISO/TC 68/SC 7, which included experts from a range of countries and sectors, including liaison organizations from industry such as the European Payments Council, Swift, and consumer representatives.