This new industry initiative is an opportunity for Alliance members to demonstrate thought leadership about the potential for mobile wallets and lead the industry and the marketplace through collaboration to address key topics and concerns...
HERNDON, Va. (PRWEB) September 10, 2015
The Electronic Payments Association® today announced its Payments Innovation Alliance has launched a Mobile Wallet Initiative to enable stakeholder companies and the broader mobile wallet community to leverage an “open” acceptance platform that includes support for retailer- and bank-branded mobile wallets for electronic payments.
Launched last year, The Alliance is a membership group of more than 200 member organizations from throughout the payments ecosystem and around the globe that encourages industry dialogue and collaboration to help advance domestic and global payments.
“A variety of mobile wallet models exist today and many bank- and business- branded solutions are in development, launching, or are already available to consumers,” said George Throckmorton, managing director, Advanced Payments Solutions at NACHA. “This new industry initiative is an opportunity for Alliance members to demonstrate thought leadership about the potential for mobile wallets and lead the industry and the marketplace through collaboration to address key topics and concerns related to advancing the greater mobile wallet effort.”
Initial work of The Alliance Mobile Wallet Team will include exploring pertinent topics such as the development of best practices, provisioning and acceptance issues, and implementation challenges.
Potential deliverables may include a white paper that will concentrate on bank-branded mobile wallets and the issues surrounding tender reciprocity by financial institutions and retailers, as well as a resource outlining best practices for leveraging ACH for mobile wallets.
The Alliance Mobile Wallet Team held its initial meeting in May, and will hold an in-person meeting during the Payments Innovation Alliance Members Meeting Sept. 29-Oct. 1 in Miami. The Members Meeting will feature discussion of a variety of payments-related topics, including a session dedicated to the current mobile wallet space and an in-depth look at the Mobile Wallet Initiative.
More information on the initiative is available here. Members of The Alliance Mobile Wallet Team must be members of NACHA’s Payments Innovation Alliance.
About the Payments Innovation Alliance
The Payments Innovation Alliance brings together diverse, global stakeholders to support payments innovation, collaboration, and results through discussion, debate, education, networking, and special projects that support the ACH Network and the payments industry worldwide. By organizing content and focus across all payment areas, including emerging payment technologies, electronic billing and presentment, mobile, payment security/risk, check conversion and global payments, the Alliance seeks to grow and advance payments and payments technology to better meet and serve the needs of the evolving industry. For more information and to learn how to join, visit allianceexchange.nacha.org.
NACHA — The Electronic Payments Association
Since 1974, NACHA – The Electronic Payments Association has served as trustee of the ACH Network, managing the development, administration and rules for the payment network that universally connects all 12,000 financial institutions in the U.S. The Network, which moves money and information directly from one bank account to another, supports more than 90 percent of the total value of all electronic payments in the U.S. Through its collaborative, self-governing model, education, and inclusive engagement of ACH Network participants, NACHA facilitates the expansion and diversification of electronic payments, supporting Direct Deposit and Direct Payment via ACH transactions, including ACH credit and debit payments, recurring and one-time payments; government, consumer and business transactions; international payments, and payments plus payment-related information. Through NACHA’s expertise and leadership, the ACH Network is now one of the largest, safest, and most reliable systems in the world, creating value and enabling innovation for all participants. Visit nacha.org for more information.