Siemens and Brokat are to co-operate in the development of a joint product for mobile payment transactions. As part of the agreement, Siemens will acquire a three percent share in Brokat.
The joint solution proposed by Siemens and Brokat will enable cell phone users to pay instantly for reservations, orders and purchases ordered online, using a technique which will roll the ordering and payment legs into a seamless process. If successful, such a solution would dispense with additional invoices and render the time-delayed transfer of invoice amounts and the subsequent entry into the recipient's books unnecessary.
The new product will be based on Brokat’s Twister banking platform and use prepaid technology developed by Siemens.