Internet shoppers can expect faster online payment processing and minimum standards for customer authentication under a new national payments plan to be introduced by The Payments Council. Author: Chris Taylor
Internet shoppers can expect faster online payment processing and minimum standards for customer authentication under a new national payments plan to be introduced by The Payments Council.
Minimum timescales for the near real-time processing of telephone, internet and standing order payments are to be introduced by the group in 2012, it said on PaymentsCouncil.org.uk. However, card users, merchant account providers and other financial institutions are yet to decide just what the timescale will be for payments.
FinExtra.com reports that minimum standards for customer authentication in telephone and internet banking payments are also to be introduced in agreement with industry leaders.
“Once the standards have been developed, we will decide how they should be introduced; communicate what the standards mean for customers; and explain the benefits of authentication,” the Council confirmed.
Next year, The Payments Council will also make a decision on how to manage mobile account-to-account payments, as well as fine-tuning a system that allows online retailers to receive payments by internet banking.
At the same time, it will be developing a new secure authentication scheme for the online access to public services following the government’s scrapping of a national ID card service.
Decisions are reportedly “underway” regarding the potential need to involve banks in the project, which is operated under the moniker Operation Gaia (Government Authentication and Identity Assurance).