A group of five payment network operators from Europe and North America are coming together in a bid to establish common standards and rules for global interoperability of online payment networks.
Members of the new International Council of Payment Network Operators (ICPNO) operate networks which allows consumers to pay for online purchases using their bank's Web site.
The council's mandate is to create a framework that allows global interoperability of these national networks. The group intends to create a system where customers in one country, on one network can purchase goods or services from a retailer in any other part of the world.
Global network interoperability will be facilitated by agreeing common standards and rules covering critical issues such as legal compliance, security, international settlement, fee structure, exchange rate mechanisms, technology integration and communications, says ICPNO.
Richard Brierley-Jones, ICPNO, says: "The ICPNO benefits everyone by setting common standards and rules for global network interoperability."
Representatives from five national networks - so far unnamed - will meet for the first time on 22 September at an event hosted by the UK's VocaLink in London.