SIOUX FALLS, S.D. and HURST, Texas (9/4/13)--Taking a look at payments industry feedback, IPayments Forum (IPF) and the ATM Industry Association (ATMIA) have revamped the ATM Acquirers Alliance to form the new Integrated Payments Alliance.
The name change and restructuring of the initiative makes the new alliance more inclusive, according to Lyle Elias, IPF Chairman and a founding director of ATMIA.
"We reached out to the ATMIA membership and found there was a consensus among them that the makeup of the group should be inclusive of all payments industry segments, not just ATM acquirers," he said. "The mission and structure of the organization needs to be one of developing a framework for interoperable integrated payments that is inclusive of vertical industries, such as money services businesses, mobile operators and merchant acquirers, as well as government regulators."
Cash advocacy will be a central focus of the Integrated Payments framework, Elias said.
ATMIA and the Integrated Payments Alliance will soon publish new best practices for Cardless ATM Transactions.
"The time is right for cardless transaction standards to be developed and adopted by the payments industry", Elias said, "In the past we've struggled with payments interoperability because of too many proprietary protocols and competing business models."
Elias and Mike Lee, ATMIA CEO, are working on a white paper, which builds a future model for the concept of intermodal currency, which Lee predicts will dominate the future of payments and money.
"The future of payments is through developing 'Intermodal Money' systems, where all forms of value transfers are readily available, secure, reliable and instant," he says. "Intermodal money will revolutionize payments the same as Intermodal Transportation revolutionized shipping and global commerce."