Central Bank of Egypt – Retail Payments Standards

The primary basis for these standards is the International Organization for Standardization (ISO) standards for the financial services sector. The ISO standards defined by Technical Committee TC68 are specific to financial services and deal more with applications than technical specifications. The Joint Technical Committee (JTC) is responsible for developing card standards, working in conjunction with the International Electrotechnical Commission (IEC). The JTC has developed standards for various types of cards, including financial transaction cards, identification cards, travel cards, and smart cards. The key standards under the JTC secretariat that apply to financial services include ISO/IEC 4909:2006, ISO/IEC 7810:2003, and ISO/IEC 7813:2006. The Payment Card Industry Security Standards Council (PCI SSC) has also developed standards to reduce the potential for card fraud, hacking, and other security vulnerabilities and threats. The PCI SSC standards are intended to ensure the secure handling of card information and protect against unauthorized access. Compliance with these standards is essential for building interoperability across systems in Egypt. The Central Bank of Egypt recommends that compliance with these standards be discussed and communicated to all stakeholders in the Egyptian payments community. The bank also suggests that it periodically review new standards to determine which ones will be most appropriate for Egypt. Compliance with standards should also be incorporated in the inspection process for both banks and payment system service providers. The ISO TC68 has several primary segments, including security management and general banking operations, securities and related financial instruments, and core banking. The ISO 20022 is a universal financial industry message scheme that provides a common language for financial transactions. The balance of the document will cover each of the three recommended areas of standards for adoption by the Central Bank of Egypt. The card standards under the JTC 1/SC 17 Secretariat include ISO/IEC 4909:2006, ISO/IEC 7501-1:2008, and ISO/IEC 7810:2003. These standards cover various aspects of card usage, including magnetic stripe content, physical characteristics, and recording techniques. The International Electrotechnical Commission (IEC) is the international standards and conformity assessment body for all fields of electrotechnology that works with the ISO in the development of international standards. The Central Bank of Egypt recommends that the CBE purchase specifications relevant to Egypt in the future to ensure that all payment cards used in Egypt conform to ISO standards. The bank also suggests that the CBE periodically review new standards to determine which ones will be most appropriate for Egypt. Compliance with standards should also be incorporated in the inspection process for both banks and payment system service providers.