Core banking — Mobile financial services — Part 4: Mobile payments-to-persons

ISO/TS 12812-4:2017 provides comprehensive requirements and recommendations, as well as specific use cases for implementation of interoperable mobile payments-to-persons.

The emphasis is placed on the principles governing the operational functioning of mobile payments-to-persons systems and processes, as well as the presentation of the underlying technical, organizational, business, legal and policy issues, leveraging legacy infrastructures of existing payment instruments (see ISO 12812 1:2017, Annex C).

ISO/TS 12812-4:2017 includes the following items:

a) requirements applicable to mobile payments-to-persons;

b) recommendations regarding mechanisms involved in the operation of interoperable mobile payments-to-persons;

c) a description of the different use cases for mobile payments-to-persons;

d) a generic interoperability model for the provision of different mobile payments-to-persons;

e) recommendations for the technical implementation of the generic architectures for the mobile payments-to-persons program;

f) recommendations for mobile remittances;

g) use cases with the corresponding transaction flows;

h) discussion of the financial inclusion of unbanked and underbanke