Banking and payments depend on clear, standardized rules to ensure transactions happen smoothly, securely, and in compliance with regulations. These standards define how payment data is processed, how institutions communicate, and how financial risks are managed.
We need to understand them, as banks, payment processors, fintechs and merchants all need to follow these standards—or risk transaction failures, security breaches, and regulatory penalties.
Payment and Banking ISO Standards
Payments rely on standardized messaging formats to ensure transactions go through correctly, no matter where they are sent.
Fraud, cyberattacks, and data breaches are real risks. Security standards help businesses protect financial transactions and prevent losses.
Regulators are tightening controls on fraud prevention, AML, and data privacy. Compliance standards help businesses avoid fines and legal issues.
Security isn’t just about transactions—it also applies to verifying identities and preventing unauthorized access.
Open banking depends on structured data and standardized APIs to keep transactions accurate and secure.
Even traditional banking follows strict security measures. Standards define how cards, PINs, and ATMs function safely.
Newer payment methods require strong security. Cryptographic standards protect digital transactions from fraud and tampering.
Different regions approach open banking differently, but most rely on a combination of ISO 20022 and API-based communication.
ISO 27001 is critical for protecting sensitive financial data, reducing fraud, and preventing cyber threats.
Why This Matters
ISO standards are technical details, but very important as they define how financial institutions communicate, how fraud is prevented, and how transactions are secured.
The real challenge isn’t just understanding these rules—it’s applying them correctly. Companies that don’t take payment and banking seriously face compliance fines, security risks, and failed transactions.
You will need expert guidance to understands the full picture.
Payment and banking aren’t just about moving money; they shape your entire business strategy. But the people managing these tasks are not properly trained to do so.
Most professionals working in finance, accounting, or product development have never been taught how payments and banking affect compliance, UX, risk, and technology. And that’s a risk for your company you cannot ignore.
If payment and banking are just an afterthought in your business, you’re leaving yourself exposed to unnecessary risks, inefficiencies, and lost opportunities. Having the right setup isn’t just about avoiding failures—it’s about building a payment strategy that actually works. Read the full article here: https://www.linkedin.com/pulse/iso-standards-banking-payments-what-you-need-know-viktoria-soltesz-oysdf/?trackingId=GD1c6CfwSEaS9nlJbwWppQ%3D%3D