Credit card giant MasterCard International has announced it is deploying a global payment-processing platform with wireless applications, which will allow member financial institutions to take advantage of emerging technologies and react quickly to new business opportunities.

"With MasterCard, members are not held captive by a card association’s technology," said Rob Reeg, MasterCard senior vice president, Systems Development. "With the new platform, members now have the flexibility to customize processing to their business, allowing them to take advantage of many new opportunities, both locally and globally."

In addition, the company said that it has initiated a three-step strategy for delivery of its new core processing platform: upgrading its Banknet global network to a VPN; developing new customizable features and functions via proprietary modular software; and distributing network processing to Regional Service Centers.

The company said that the new platform sets the stage for the next generation of its Banknet system, which will be transformed into a distributed network from its previous processor-based architecture.

According to Mr. Reeg, it is virtually impossible that the system will ever reach capability because of its bandwidth on demand, meaning that an unlimited number of transactions can flow through the system without risk of bottlenecks or other congestion problems.

• The ability to process all types of transactions—credit, debit, and smart cards—by way of any channel, including wireless applications and transponders.
• The capacity to support payments made using the Internet or wireless devices.
• With MasterCard’s Internet gateway, member banks can exchange information and file in a simple, consistent way, without concern for system architecture.
• MasterCard’s member financial institutions can customize the transaction process to meet the needs of the local market, such as time zones and currency.

For more information: http://www.mastercard.com/about/press/pressreleases.cgi?id=413