Long gone are the days where mobile phones are used purely for phone calls – these days we can access the internet, manage our bills, play games and pay for items directly from our mobile phones. Since the first mobile device in 1973, phones are constantly readapted & developed with new functionalities.

One of the main functions that has become popular in recent times are mobile payments and banking, but in order for the functions to work across the many platforms involved, harmonised processes and transparency are key. A new series of standards in development aims to offer just that.

The ISO 12812 series of standards and technical specifications aims to define common terms and requirements that allow for wider and more advanced systems to operate cooperatively. Its various parts define the technical interfaces and the roles of the different parties involved.
The Chair of ISO/TC 68/SC 7, Patrice Hertzog, said increased security of transactions will be just one of the many benefits of the standards once they are in use.

“There are now about three times as many cell phones as bank accounts in the world, and customers are increasingly using their devices to manage all their banking needs. While the number of applications and the functionality are ever growing, there is still the capability for much more. In order for mobile payments and financial services to be truly widespread – as are credit and debit cards – it is critical that standards be established in this area. These standards will not only facilitate and promote interoperability and build a safe environment for mobile payments, but highlight gaps in standardization which can then be filled.”

The standards and technical specifications in the series will include:

• ISO 12812-1, Core banking – Mobile financial services – Part 1: General framework
• ISO/TS 12812-2, Core banking – Mobile financial services – Part 2: Security and data protection for mobile financial services
• ISO/TS 12812-3, Core banking – Mobile financial services – Part 3: Financial application lifecycle management
• ISO/TS 12812-4, Core banking – Mobile financial services – Part 4: Mobile payments-to-person
• ISO/TS 12812-5, Core banking – Mobile financial services – Part 5: Mobile payments to business

The final versions of the ISO 12812 will be published later this year.

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