Press Release: Delivering best practices and more collaboration will drive interoperability of digital financial services

Access to payments infrastructures and National Payments Systems latest reports from ITU Focus Group on Digital Financial Services

Geneva, 16 September 2016: Interoperability enables users worldwide to make electronic payment transactions with any other user – regardless of their service provider – in a convenient, affordable, fast, seamless and secure way via a single transaction account. However this remains a challenge in some of the world’s poorest countries where very few mobile payment schemes are truly interoperable. Yet, with as many as 2 billion people globally being either un-banked or underbanked, interoperability is a critical factor in the drive to achieve global financial inclusion.

Consequently, interoperability is a key work stream within the ITU’s Focus Group on Digital Financial Services, established to develop and disseminate best practice guidelines for policy and decision makers, operators and providers in the digital financial services sector.

‘The challenge can be quite complex involving a number of different entities’, said ITU Secretary-General Houlin Zhao. ‘Today we have published two reports to help address these interoperability challenges. We want to encourage the development of competitive payment systems that deliver fair access to their services.  We also want to see national payment systems driving collaboration and innovation to benefit a broader range of stakeholders.’

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