International Council of Payment Network Operators Established to Set Common Standards and Rules for Interoperability
September 10, 2008, Press Dispensary. Representatives of European and North American payment networks will attend the inaugural meeting of the International Council of Payment Network Operators (ICPNO) in London on September 22, 2008.
The ICPNO brings together payment networks from around the world addressing growing demand for a safer way to transact online. The ICPNO was established in 2008 to set common standards and rules for global interoperability of payment networks.
These payment network operators offer a new form of alternate payment which is rapidly gaining market and consumer acceptance, allowing consumers to make payments to online merchants using their chosen financial institution’s online banking website.
The adoption of alternate payment networks has been driven by consumer demand for easier, private and more secure online payment options. The new payment type sponsored by banks uses the existing banking system, including online consumer authentication, cash management and settlement services.
The council’s mandate is to create a framework that allows global interoperability of national networks, providing access to consumers and merchants on other networks and resulting in greater transactional volume for all participating networks.
Global network interoperability is key to allowing a consumer in one country on one network to purchase goods or services from a merchant in another country on another network. Global network interoperability will be facilitated by agreeing common standards and rules covering critical issues such as legal compliance, security, international settlement, fee structure, exchange rate mechanisms, technology integration and communications.
Council membership is open to representatives from payment network operators around the globe or to organisations looking to establish networks in their country.
Benefits of council membership include access to new merchants and consumers in other countries resulting in increased transaction volume and revenue opportunities. Other advantages include gaining knowledge and experience from international network operators, as well as sharing technology and infrastructure. Membership of the global payment network also creates additional incentives for banks and merchants to join a regional network.
“Members of the International Council of Payment Network Operators are transforming online payments around the world. Their success has been driven by a focus on privacy and security while providing consumers with more payment control and flexibility. The ICPNO benefits everyone by setting common standards and rules for global network interoperability,” says Richard Brierley-Jones of the ICPNO.
The first meeting in September will be sponsored by VocaLink, a leading European payment transaction specialist, and chaired by Alex Grinberg of eWise Systems, NACHA’s partner for the Secure Vault Payments network in the USA. Registrations for September’s meeting will close on September 15th, 2008.
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Notes for editors
About ICPNO – International Council of Payment Network Operators
The International Council of Payment Network Operators was established in 2008 to set common standards and rules for interoperability. The council’s mandate is to create a framework that allows global interoperability of national networks, providing access to consumers and merchants on other networks and resulting in greater transactional volume for all participating networks. Council membership is open to representatives from payment network operators around the globe or to organisations looking to establish networks in their country. See www.icpno.com
VocaLink is a specialist provider of transaction services to banks, their corporate customers and government departments. It processes domestic and international automated payments and provides ATM switching services. On a peak day, the VocaLink automated payment system processes over 90 million transactions and over half a billion in a month. Its switching platform connects the world’s busiest ATM network of over 60,000 ATMs. Its Real-Time Payments platform underpins the UK Faster Payments service. VocaLink is working with BGC to provide outsourced processing for the majority of Sweden’s domestic payments.
For further information, please contact:
Richard Brierley-Jones, ICPNO
Tel: +1 720 224 3501