The Financial Services Technology Consortium said it is working with Visa International and the Object Management Group, a standards consortium, to create a secure method of handling business transactions.
"When the financial industry originally built electronic processes, such as those associated with account opening and payments, the designers mimicked paper-based processes," Dan Schutzer, the financial consortium's executive director, said in a press release this week. The effort is meant to "overhaul and streamline and secure these outdated information workflows" for opening accounts and transferring funds.
Revamping these processes would improve security, the financial consortium said; today the information used to facilitate those transactions is passed openly among many parties.
"Right now each data system is implemented differently from firm to firm, thereby increasing the risk that sensitive data will be lost or stolen," Svetlana Sicular, Visa's vice president of global data standards, said in the release.
The participants are seeking input from financial and technology businesses.
