U.S. Group Seeks Interoperable Mobile Payments Model
The Financial Services Technology Consortium
(FSTC) has launched an initiative to examine the various technology models supporting mobile payments. The New York-based cross-industry body says that the aim of the project is to make recommendations on an approach that will facilitate an interoperable m-payments infrastructure in the future.
Over 25 organizations including banks, wireless carriers and technology providers are participating in the project to provide a broad view of the current m-payments environment and best practices. The FSTC says it encourages other organizations to join as well. According to the FSTC, the project is expected to recommend a preferred technology standard for interoperability by the end of 2008. The initiative is sponsored by The Federal Reserve Bank of Boston; The Clearing House Payments Company L.L.C.; the American Bankers Association (ABA); BITS Financial Services Roundtable; NACHAùThe Electronic Payments Association; and PaymentsNation. The FSTC has hired KPMG to provide project management. ôWeÆre evaluating whatÆs out there today to see where there are common practices and differences,ö says Jim Pitts, the FSTCÆs managing executive of payments,. ôWeÆll use our findings to develop an interoperable model for all m-payments participants.ö Interoperability is essential to realize the promise of mobile payments, the FSTC says. The goal is for a customer to be able to make a payment from any bank, on any mobile phone, using any carrier, it argues. ôMany banks, wireless networks, and handset manufacturers are involved in pilots or early roll-outs, which provides a rich source of information,ö Pitts says. ôHowever, at some point, the systems will have to work well together for m-payments to succeed as a major payments channel.ö Related Links
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