ISO work on Mobile Financial Services

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ISO work onMobile Financial Services
ITU Workshop on Digital Financial Services and
Financial Inclusion (Geneva, Switzerland, 4
December 2014)

• Patrice Hertzog,
• Chairman, ISO T68/SC7
• patrice.hertzog_at_e-i.com

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International Organization for Standardization

• Independent, non-governmental membership
  organization and the world's largest developer of
  voluntary International Standards.
• Made up of 165 member countries who are the
  national standards bodies around the world, with
  a Central Secretariat in Geneva, Switzerland.
  3 368 technical bodies.
• ISO has published more than 19 500 International
  Standards covering almost every industry, from
  technology, to food safety, to agriculture and
  healthcare.
• International Standards give world-class
  specifications for products, services and
  systems, to ensure quality, safety and
  efficiency. They are instrumental in facilitating
  international trade.
• Partnership with IEC and ITU (World Standards
  Cooperation)

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ISO TC 68 Financial Services

• Established in 1948, current structure
• Universal Financial Messaging (ISO 20022), LEI
• Security (SC2)
• Financial Instruments (SC4)
• Core banking (SC7)
• 78 countries and other liaisons organizations

28 Participating Countries
Secretariat
50 Observing Countries
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Mobile Financial Services

• Enhanced capabilities of Mobile Devices
• Increase of use for Financial Services in daily
  live
• New innovative solutions
• New players, new ecosystems
• Local / Regional / Global

• Expectations
• Interoperability
• Security
• Quality
• Availability
• Competition

? A need for Interoperability Standards
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Draft International Standard in progress

• A multi-part International Standard is being
  developed by TC68/SC7
• Introduction, definitions, fundamental bases
• General framework for the secure execution of
  mobile financial services
• Lifecycle of applications
• Uses cases and requirements for interoperability
  of
• mobile payments to persons
• mobile payments to businesses

• No duplication/replacement of existing standards

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Key features

• Interoperability
• Global coverage (payments, remittances)
• Safe environment
• enabling consumers and businesses to trust the
  services
• Consumer protection
• Fair contract terms and transparency
• Choice from different providers
• Portability
• Access to financial services
• Unbanked or under-banked consumers
• Non Financial Institutions
• Technology Neutrality

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Conclusions and Recommendations

• Evolving area
• Different regulations
• Trade-off between innovation/time to market and
  soundness of solutions

• Future versions of the Standard
• Continue cooperation with other organizations
• Education of Solutions Providers
• Appropriate Risk Management

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