Two Geneva based organizations have announced plans to talk about developing standards for financial services.

Standards are important in finance and let participants communicate with each other and provide assurance on data security.

It's also useful to develop them as technologies, such as electronic payments, are evolving rather than trying to integrate entrenched systems with middleware after banks have adopted them.

Both the International Telecommunication Union, a UN agency, and the International Standards Organization (ISO) Financial Services Committee (TC/68) have announced initiatives to develop standards for finance to promote innovation and improve reporting.

"Governments around the world face many similar challenges in their efforts to deliver fully integrated digital financial services,” said ITU Secretary-General Houlin Zhao.

“Until now solutions have largely been developed in isolation.

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