Core banking — Mobile financial services — Part 5: Mobile payments to businesses

ISO/TS 12812-5:2017 focuses on mechanisms by which a person ("consumer", "payer" or "business") uses a mobile device to initiate a payment to a business entity ("merchant" or "payee"). Such a payment may use the traditional merchant point of interaction (POI) system, where the manner of settling the payment follows well-established merchant services paradigms. Additionally, there are other ways for a consumer to make a payment to a merchant, using the mobile device to initiate, authorize and process transactions outside of traditional payment networks using secure payment instruments. Accordingly, this document supports both "push" and "pull" payments (i.e. transactions that are pushed or transmitted from a mobile device into a POI or pulled or received into a mobile device or POI), which are initiated and/or confirmed by a consumer to purchase goods and or services, including proximate payments, remote secure server payments, as well as mobile payments that leverage other technologies [e.g. cloud computing, quick response ("QR") codes, biometrics, geo-location and other methods to authenticate and authorize the transaction].

One of the most important aspects of the MFS environmen