Polish clearing house cooperates with mobile payment venture

The Polish National Clearing House (KIR) will cooperate with six national banks to develop a common standard for mobile payments, pushed by an initiative by PKO Bank.

The Polish National Clearing House (KIR) will cooperate with six national banks to develop a common standard for mobile payments, pushed by an initiative by PKO Bank.

The new mobile payment standard will have the advantage of being open to all market players, low transaction processing costs and a wide choice of functions, such as the option to carry out transactions at ATMs, payment terminals, e-shops and transfers to a phone number.

In July, Alior Bank, Bank Millennium, Bank Zachodni WBK, BRE Bank (mBank), ING Bank Silesia and PKO Bank Poland announced that they would start a joint venture to manage the whole system, under the supervision of national regulators.

The joint venture is intended to provide overall management of the mobile payments standard, including rules for participation in the system, the brand, technical specifications, certification of mobile applications and security rules.

The National Clearing House will implement the service in terms of financial flows within the system. Payment settlements will be done using the Elixir system and P2P payments will be made on the basis of immediate payments.

KIR will also provide IT infrastructure for the system and will handle any complaints.

 

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