geneva, switzerland, 4 december 2014 iso work on mobile financial services patrice hertzog,...
TRANSCRIPT
Geneva, Switzerland, 4 December 2014
ISO work onMobile Financial Services
Patrice Hertzog,Chairman, ISO T68/[email protected]
ITU Workshop on “Digital Financial Services and Financial Inclusion”
(Geneva, Switzerland, 4 December 2014)
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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)
ISO TC 68 Financial Services
Established in 1948, current structure:Universal Financial Messaging (ISO 20022), LEISecurity (SC2)Financial Instruments (SC4)“Core banking” (SC7)
78 countries and other liaisons’ organizations
28 Participating Countries
50 Observing Countries
Secretariat
3
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Mobile Financial Services
Enhanced capabilities of Mobile DevicesIncrease of use for Financial Services in daily liveNew innovative solutionsNew players, new ecosystemsLocal / Regional / Global
Expectations
InteroperabilitySecurityQualityAvailabilityCompetition
A need for Interoperability Standards
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Draft International Standard in progress
A multi-part International Standard is being developed by TC68/SC7:1.Introduction, definitions, fundamental bases2.General framework for the secure execution of mobile financial services3.Lifecycle of applicationsUses cases and requirements for interoperability of:4.mobile payments to persons5.mobile payments to businesses
No duplication/replacement of existing standards
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Key features
InteroperabilityGlobal coverage (payments, remittances)
Safe environmentenabling consumers and businesses to trust the services
Consumer protectionFair contract terms and transparencyChoice from different providersPortability
Access to financial servicesUnbanked or under-banked consumersNon Financial Institutions
Technology Neutrality
Conclusions and Recommendations
Evolving areaDifferent regulationsTrade-off between innovation/time to market and soundness of solutions
Future versions of the StandardContinue cooperation with other organizationsEducation of Solutions ProvidersAppropriate Risk Management
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