An independent organisation has set new global standards to boost inclusion in mobile banking.
Switzerland-based International Organization for Standardisation (ISO) outlined common requirements for technical components and their interfaces in order to make banking more universally accessible.
Also featured are a set of definitions commonly agreed by the international financial industry and a promotion of an environment that reduces or minimises obstacles for mobile banking providers.
Patrice Hertzog, chair of the subcommittee that developed the series, explained that as mobile phone ownership overtakes bank accounts, developing this technology would bring financial services to a wider audience.
“Financial access has many benefits, allowing people and businesses to plan their lives and also invest in things like education and health, and access insurance,” said Patrice.
“The World Bank has a goal of universal financial access by 2020, and these standards will help contribute to that.
“In addition, through supporting the development and implementation of technology in this area, the standards will provide a catalyst for refining and improving the experience of the end user by complementing other standards in the sector.”
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