Eight banking companies have backed a standard for electronic banking set up by Hewlett-Packard, its electronic commerce subsidiary Verifone and systems integrator Electronic Data Systems (EDS).
The initiative, First Global Commerce, has been endorsed by Citibank, Mondex, Paymentech, Royal Bank of Canada, Sistema 4B, Sumitomo Credit, Visa and Wells Fargo. But the standard will battle with others; one from Intuit and over 40 banks and another from Microsoft, First Data and Visa. Visa is also working with IBM and Verifone on transactions under SET (Secure Enterprise Transaction) and analysts expect all the electronic banking ideas to be integrated within months.
First Global Commerce will cover a set of electronic commerce solutions and an industry forum to promote and develop electronic banking. According to Glenn Osaka, vice president of the extended enterprise business at HP, the idea will change the way institutions deal with customers and the way people purchase good and services. ?First Global Commerce has a broad global mandate to take decisive leadership and action in electronic business," Osaka claimed.
EDS? input will make use of its announced last month that it plans to use HP hardware and Verifone software to process Internet transactions, under the SET standard being launched by Visa and Mastercard. EDS who will validate, decrypt and report banking institution's Internet transaction activity.
HP will provide banks with open client/server enterprise computing solutions including business servers, professional services, security and worldwide support.
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