:: join :: contact us :: home
Member Login
Email:
Password:
Change Password
About Membership Conferences Projects Media Standing Committees Search Home

heder press releases : 2009 : 06.16.2009

FSTC Moves into Final Phase of Mobile Payments Project

 

FOR IMMEDIATE RELEASE

Elise Brooks, (202) 589-2427

 

FSTC Moves into Final Phase of Mobile Payments Project

 

Washington, D.C. – June 16, 2009 - The Financial Services Technology Consortium (FSTC) today announced plans to move into the third and final phase of a Mobile Payment Technology Project.  The Project builds off of two previous projects to examine various technology models supporting mobile payments with a strong emphasis on opportunities to materially improve transaction security over more traditional existing payment systems.

 

FSTC Executive Director Dan Schutzer commented, “Successful collaboration to optimize mobile technology should help to create a winning approach for all stakeholders, especially the new ‘very connected’ generation of wireless users.�

 

“Savvy consumers and small businesses are progressing steadily from mobile banking to remittances, transfers and payments of every kind, using every mode of wireless communications,� said Project consultant Steve Mott of BetterBuyDesign. “Financial institutions can, and should, participate in offering mobile banking and payments now, with appropriate controls.�

 

Over 140 FSTC participants from more than 50 member institutions have participated in the project to date. FSTC project analysis and recommendations will assist the financial services industry in a transition toward an interoperable mobile payments infrastructure, with significantly improved security, and greater convenience for financial institution clientele. 

 

The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer.  Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. Roundtable member companies provide fuel for America's economic engine, accounting directly for $85.2 trillion in managed assets, $980 billion in revenue, and 2.3 million jobs.  FSTC is the technology solutions division of the Roundtable, bringing together diverse, and often competitive financial institutions, industry service providers, government agencies and others to collaborate and find solutions to key industry challenges.

# # #