In what one of its executives described as an "exciting breakthrough" for smart card technology, American Express Co. announced Monday that 13 companies, including some of its close competitors, agreed to license a technical framework that it proposed in 1997.

The program is designed to promote compatibility across systems by defining how data and functions reside on cards and how to gain access to them. Amex wanted to demonstrate "steadfast commitment to achieving global and open interoperability," said vice president Glenn Weiner.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.