The FSTC’s mobile payments standardization efforts are entering a second phase: security.
The Financial Services Technology Consortium, which earlier this year gathered together more than 30 organizations to help organize interoperability standards for mobile payments, announced its finished the initial phase of its study that researched network/handset issues and payments architecture needs.
The next four-month portion of the mobile payment technology work will involve studying security and architecture priorities around both mobile-initiated payments and authentication challenges, according to the FSTC. The results of the security phase could lead to the expected recommendations for transaction formats and security to help foment interoperability and mobile pay adoption.
"The vision is for anyone to be able to securely and conveniently pay anyone else from any financial account to any financial account, using any mobile device, any carrier and any technology complying with approved standards," says Dan Schutzer, FSTC’s executive director.