ISO 12812-1:2017 Core banking -- Mobile financial services

Mobile banking not only makes our life easier, it gives access to banking services to those that have none. A new series of standards just published will provide the platform for this technology to expand and grow, bringing robust and secure banking services to more people than ever before.

ISO 12812-1:2017 defines the general framework of mobile financial services (payment and banking services involving a mobile device), with a focus on:

a) A set of definitions commonly agreed by the international financial industry;

b) The opportunities offered by mobile devices for the development of such services;

c)The promotion of an environment that reduces or minimizes obstacles for mobile financial service providers who wish to provide a sustainable and reliable service to a wide range of customers (persons and businesses), while ensuring that customers' interests are protected;

d) The different types of mobile financial services accessed through a mobile device including mobile proximate payments, mobile remote payments and mobile banking, which are detailed in other parts of ISO 12812;

e) The mobile financial services supporting technologies;

f) The stakeholders involved in the mobile payment ecosystems.

According to the World Bank, around two billion people worldwide are “unbanked”, meaning they have no access to a bank account. Cash is king and that can bring with it its own problems. However, more and more people, particularly in developing countries, have a mobile device, whose functionality in the financial world is growing daily, offering more and more services and transactions.

The ability of mobile devices to execute transactions between the large number of platforms and financial institutions is due to a robust interface and effective operability. A new series comprising International Standards and technical specifications has just been published. ISO 12812, Core banking – Mobile financial services, defines common terms and requirements for greater interoperability. 

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