Page 59 - ITU-T Focus Group Digital Financial Services – Recommendations

ITU-T Focus Group Digital Financial Services
Recommendations

Title of recommendation Identification & bolstering of vendor platform feature sets
Working Group Technology, Innovation, and Competition

Workstream DFS vendor platform
Audience for recommendation Regulators and DFS vendor platform providers

DFS platforms could leverage the features and functions from multiple vendor platforms and include multiple
access options on the side of customers in different countries and for different electrical devices (e.g. computer,
laptop, feature mobile phone, and smart mobile phone), the interaction with thethird-parties (e.g. bank, mobile

operators, interoperability) and the popular and normal service function and system function.

The vendor platform features expected of a typical DFS deployment should include access options, cooperation
with third-party partners, interoperability, key service functions, and system features. A reference instance of
an architecture for a DFS vendor platform to support a variety of services is present within the report.

By identifying the common and general functions of the platform, regulators can focus their efforts on the
services already adopted, given clear guidance for security and data controls, but also prepare for new services
that may be deployed as the ecosystem matures.

Regulators need to consider the advancement of future services – many services will be combined to create
new services. By providing clear guidance on the controls and mechanisms required in the relevant data
sets and access channels, a vendor can advance their platform with confidence that the platform will meet
developing market needs within a robust regulatory framework. A good example is identity capture – many
current regulatory processes require capture of physical paperwork, however digital techniques and processes
can overcome the weaknesses in such a process.

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