Global industry association tackles mobile financial services terms and offers security analysis for NFC payments implementation
11 June, 2013 – Mobey Forum, the global bank-driven industry association working to accelerate the evolution of mobile financial services (MFS) has today launched two new white papers at its second annual MobeyDay Conference in Barcelona.
The first paper, ‘Mobile Financial Services Terms Explained’, provides a comprehensive collection of industry terms from across the mobile, financial, payments and related technology sectors. In a bid to elevate the accuracy and quality of the descriptions offered in the paper, Mobey Forum has engaged with a variety of independent associations in order to obtain their review and input on terms relating to their specialist fields. These associations include, but are not limited to, the European Payments Council, GlobalPlatform, GSMA, NFC Forum and the Smart Card Alliance.
Mobey Forum intends to provide periodic updates to the terms and descriptions offered in the paper and welcomes suggestions for additions and alternatives from other MFS industry stakeholders.
Sirpa Nordlund, Executive Director of Mobey Forum, comments: “With so many different sectors colliding in the mobile financial services space we thought it would be useful to build and socialise a collection of industry terms and explanations that might bring some clarity for both new and existing stakeholders. It is, of course, unrealistic to expect universal consensus; this is not our objective. Instead we hope to use the document to spark debate and bring stakeholders together, in addition to providing a useful knowledge bank for those looking to expand their understanding of the industry.”
The second paper launching at MobeyDay is the first deliverable from Mobey Forum’s recently formed Security Task Force. The paper, entitled: ‘A Security Analysis of NFC Implementation in Mobile Proximity Payments Environment’ presents an overview of security trends relative to the mobile payments market. It explores current and potential near field communication (NFC) threats and vulnerabilities and reviews their potential to impact the entire contactless payments ecosystem. The paper offers advice to stakeholders on how to manage and overcome these threats in order to deliver the best possible service experience without compromising their security.
“To enable the industry to accelerate the mass market adoption of mobile payments, all stakeholders must work together to ensure secure and efficient NFC services are being delivered to the end-user”, comments Nordlund. “This paper not only serves to highlight the sophisticated security threats that NFC services must contend with, it also aims to provide counsel on how the industry can address them, by adopting industry guidelines and adhering to best practice during service deployment.”
Both white papers are available to download free of charge from https://mobeyforum.org/
To contribute to the MFS terms reference guide, please email email@example.com.
About Mobey Forum
Mobey Forum is a global, bank-driven business association working to accelerate the evolution and adoption of mobile financial services. Established in 2000, it brings together leading financial institutions, mobile network operators, mobile handset manufacturers and payment processors and vendors, committed to accelerating the mass-market deployment of user-friendly mobile financial services by promoting open and secure technology standards.