The payments industry is changing rapidly: on the one hand, existing mechanics are being reworked to embrace new use cases, while on the other new technologies such as tokenization and mobile payments are emerging. Industry professionals are beginning to recognize the importance of the work of the Web Payments groups at W3C. While electronic payments are certainly not a new thing, Web Payments is being recognized as part of the overall payments processing standards picture.
Understanding between established payments groups and the W3C payments groups is important. Targeting our payments colleagues in the United States, the X9: August Newsletter features a discussion of W3C and a very broad picture of what Web Payments is about. And for those of us in W3C, the newsletter also gives a synopsis of ongoing X9 activities in both the payments and near-payments space.
X9 is the accredited group from the United States that provides representatives to the International Standards Organization (ISO). ISO has been establishing standards and practices in payments for decades, for example ISO20022, ISO8583, and more recently ISO12812 (Summary by Alan Thiemann).