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.
According to the WorldΒ Bank, around twoΒ billion people worldwide are βunbankedβ, 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.Β ISOΒ 12812,Β Core banking β 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/TCΒ 68/SC 7, the ISO technical subcommitteeΒ that developed the series, said 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.
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Source: DRJ New feed
