OMG's Electronic Payments Interoperability Working Group Issues Request for Information

While there is no single payment interoperability solution standard that would silence the din, technology exists that can enable financial institutions to push payment gateway interfaces into the dark recesses of automation by software without the attendant costs of rebuilding the supporting infrastructure. Global standards that emerge from a model-driven approach hold that no business should ever be held hostage to technology through non-cooperating proprietary computers, software or networks. Payment is the fundamental shared service. There is a necessity for payment services across the spectrum of commerce. Payment becomes a pervasive utility offering commoditized common services of ubiquitous availability, scalability, reliability, authenticity, identity, trust and assurance.

This ambitious but achievable goal will be facilitated through the development of payment gateway standard models that federate, not replace, existing systems. All that stands between the financial industry and freedom from a plethora of independent and proprietary gateways is a vision and desire to collaborate on creating standard payment models. There has never been a better opportunity to reduce system complexity and cut attendant costs, to accelerate new products to waiting global markets, and to build momentum for global electronic payments. The time is right to systemically grow world economies.