The US-based Electronic Funds Transfer Association (Efta) has launched a new industry council dedicated to exploring emerging e-commerce models.
The new group, the Electronic Commerce Payments Council (eCPC), brings together retailers, financial institutions, networks, consumer groups, and regulators says Efta executive director Kurt Helwig. Approximately 25 organisations, including new Efta member Amazon.com, joined together to form the council's initial membership.
"For nearly 25 years, Efta has been at the forefront of major industry developments and has provided a unique, multi-industry forum to research, lobby and lead shifts in electronic payments and commerce," says Helwig. "With the formation of the eCPC, we're extending our leadership role to Internet-based payment protocols."
Paul Schmelzer, executive vice president of Star Systems serves as the eCPC's acting chairman. He says the Council will aim to promote the visibility of operational models for secure debit, stored value and enhanced credit payment solutions.
The Council is to have its next meeting on 6 February when representatives of Efta's advanced product group will discuss their work in developing guidelines for the development of real-time debit solutions for Internet payments, and Jeff Stapleton, manager in the information risk management practice of KPMG will present on the evaluation of payment protocols.