724 and Nortel to offer payment services to wireless carriers

724 and Nortel to offer payment services to wireless carriers

Nortel Networks and 724 Solutions, a provider of software for secure mobile transactions across the Internet, plan to jointly develop and market solutions for wireless carriers to offer payment services to consumers.

Under a non-exclusive marketing and distribution agreement, the companies intend to integrate Nortel Networks Network Gateway Server and wireless infrastructure equipment with 724 Solutions m-commerce technology.

Wireless carriers are expected to compete with banks for the deployment of mobile financial services to consumers.

For 724 Solutions, the Nortel alliance marks its first foray into the wireless carrier market. Applications covered by the agreement include:
724 FrameWorks (FW) - a software portfolio that provides server-side applications to extend transactions to wireless devices. FW supports on-line shopping, brokerage and banking applications by providing interfaces for credit/debit card authorisation, settlement, reconciliation and private label card processing.
724 Payments - a complete commerce solution that is built on top of FW to facilitate secure consumer and merchant interaction and payment completion.

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