When you hear “ISO,” you might think of mysterious codes and technical jargon. But the International Organization for Standardization (ISO) quietly powers much of the financial infrastructure Australians use every day. From digital payments to cybersecurity, ISO standards are more than global guidelines—they’re a blueprint for confidence and innovation in the financial sector.
What is the International Organization for Standardization (ISO)?
The ISO is a global, independent, non-governmental organization that develops voluntary standards across industries. Its goal? To facilitate international trade, enhance product quality, and promote safety and efficiency. Founded in 1947 and headquartered in Geneva, ISO brings together experts from over 160 countries, including Australia, to agree on best practices for everything from food safety to financial transactions.
- Global reach: More than 24,000 standards, with new ones published every week
- Australian participation: Standards Australia represents us on the ISO council, ensuring local needs are voiced
- Financial standards: ISO 20022 for payments, ISO 27001 for information security, and many more
ISO Standards Driving Change in Australian Finance
ISO standards are woven into the fabric of our financial system. In 2025, several key standards are actively shaping policy and practice:
- ISO 20022 (Payments Messaging): Australia’s New Payments Platform (NPP) is rolling out enhanced ISO 20022 messaging. This enables faster, richer data in payments, supporting anti-fraud, compliance, and seamless cross-border transactions. The Reserve Bank of Australia (RBA) has mandated migration for major banks by late 2024, with full ecosystem adoption underway in 2025.
- ISO 27001 (Information Security Management): With cyberattacks on the rise, Australian financial institutions are doubling down on ISO 27001 compliance. The standard provides a framework for managing sensitive customer data and responding to incidents. Recent APRA guidance aligns with ISO 27001, making it a de facto requirement for regulated entities.
- ISO 22301 (Business Continuity): The disruptions of recent years have put business continuity planning under the microscope. ISO 22301 helps banks and fintechs build resilient systems that can withstand everything from cyber threats to natural disasters.
These standards aren’t just about ticking boxes—they unlock real-world benefits:
- Streamlined international payments and trade
- Reduced compliance costs through harmonised processes
- Increased trust with customers and partners
Why ISO Compliance Matters More Than Ever in 2025
Australia’s financial sector is facing new regulatory demands and global competition. ISO standards help institutions stay ahead by embedding best practice into their operations. Key reasons compliance is now mission-critical:
- Regulatory alignment: ASIC, APRA, and the RBA increasingly reference ISO standards in their guidelines. For example, APRA CPS 234 references ISO 27001 for information security controls.
- Global interoperability: As payments and data flows become borderless, using ISO standards ensures Australian banks and businesses remain connected to global networks like SWIFT and SEPA.
- Consumer confidence: In the wake of high-profile data breaches, ISO certification is a trust signal that reassures customers their data is protected to international benchmarks.
Australian fintechs like Airwallex and Tyro have used ISO 27001 certification as a springboard for international expansion, demonstrating that compliance isn’t just a cost—it’s a competitive edge.
How to Prepare Your Business for ISO Standards
Whether you’re a major bank or a nimble startup, adopting ISO standards can seem daunting. But with the right approach, it’s an investment that pays off. Here’s how to get started:
- Assess your current state: Map existing policies and procedures against relevant ISO standards, using tools from Standards Australia or your industry association.
- Get leadership buy-in: Make ISO compliance a board-level priority—especially for security and payments standards tied to regulatory outcomes.
- Invest in staff training: Equip your teams with the skills to implement and maintain ISO-aligned processes.
- Engage accredited auditors: Certification isn’t required in all cases, but having a third-party audit can boost credibility and uncover hidden gaps.
- Stay updated: ISO standards evolve. Monitor updates—such as the new ISO 27001:2022 revision adopted in Australia in late 2024—to ensure ongoing compliance.
The Future: ISO and Australia’s Digital Economy
With Australia’s digital economy expected to hit $315 billion by 2030, ISO standards will play a pivotal role in building the infrastructure and trust required for growth. From open banking to digital ID and ESG reporting, new ISO standards are emerging to meet tomorrow’s challenges.
For example, the upcoming ISO 50001 standard on energy management is gaining traction among banks seeking to reduce their carbon footprint and meet sustainability targets. Meanwhile, the ISO 37000 series on governance is helping boards navigate ethical and compliance risks in an era of rapid change.
