ISO: In ISO, the task has proved to be more fundamental. The ISO Financial Services Committee TC 68 has set up Working Group 10 on mobile banking/payments which aims to develop an international standard on mobile payments. The early emphasis of the WG was on interoperability and other technical matters, but, correctly in our view, the secretariat appealed for input on consumer protection, which we have provided. There are five papers covering issues of security, person to person payments, consumer to business payments, and CP regarding the purchase and installation of Apps. The WG is very industry-dominated in the sense that most members work for financial institutions including banks, card manufacturers, merchant acquirers. However, we have found them open to suggestions and we have reached draft agreement on issues such as data protection, redress, financial inclusion and the crucial issue of the establishment of a liability regime for events of security breaches. Perhaps the most fundamental improvement was simply to insert matters of basic CP into the standard whereas previously they were entirely lacking.
At the time of writing there is still some way to go. For example, we have signalled the issue of access to dormant assets (sometimes referred to as ‘abandoned funds’) in the event of theft, death or number termination / lapse of mobile phone account. The second draft of the standard is currently being redrafted before going to consultation and vote as a draft international standard. But, as with OECD there is scope for optimism that CI’s amendments will be incorporated.