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Every passing year, many people use more and more Banking applications and less billing cards and cash.

In every state, banking applications can vary both one from the other and they can vary between different states (different development teams, different tax systems, different cultures, possible religious restrictions as with Islamic banking, etc); furthermore, some development teams might allow overseas transfers and some wont.

Is there an international authority regulating (or aspiring to regulate) the software development of banking applications? Something like "world banking organization" that might overlap the "world health organization"?

George
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    I’m voting to close this question because the link to personal finance is not evident – Dheer Jun 13 '20 at 01:22

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I do not know of an organization regulating software development but there are definitely regulations on payment infrastructures. The Committee on Payments and Market Infrastructure (CPMI) from the Bank of International Settlements (BIS) aims at providing regulatory guidance for implementation in each participating jurisdiction. Their guidance does not have any enforceability that I know of, rather it is adopted locally by regulators of each jurisdictions.

Here is their role, straight from the horse's mouth:

The Committee on Payments and Market Infrastructures (CPMI) promotes the safety and efficiency of payment, clearing, settlement and related arrangements, thereby supporting financial stability and the wider economy.

CPMI

ApplePie
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