International corporate VP and E RADAR Trustee Simon Cattlin looks at securing mobile payments as an essential element in forming an electronic contract via a mobile device, in his presentation to E RADAR's Trust in Mobile Enterprise Summit.
With over 20 years' experience in the IT industry Simon highlighted the UK's economic need to get mobile commerce embedded into the nation's psyche in order to get ahead of other global markets, such as the US and China. Consumer behaviour, technology convergence, and laws and regulations are all driving the mobile commerce markets. Legal certainty around the electronic contract made via a mobile device is key to promoting trust and confidence amongst users. Securing mobile payments forms a part of this process towards gaining competitive and collaborative advantage for the UK economy.
'Tried and tested' solutions
Mobile enterprise is not about technology. It's about digital convergence and straight-through processing. And here there is nothing new. In the US, the IP to secure electronic (mobile) payments has been around since 1992 with millions of users, $ billions transacted annually, it's legally tested in the courts, and statutes and directives are in place. The public sector, finance sector, and retail sector are all using tried and tested solutions daily, and delivering up to 90% reductions in business costs, time and risks.
6 principles of enforceability
Simon's presentation looks at the 6 principles of enforceability for electronic contracts. He discusses some of the solutions for identity verification around the use of so-called 'big data'. He also referred to the IOCS platform which is expected to transact £2,000,000,000 in 2013.
Founded in 2009, IOCS is the world´s first multi-tenant e-commerce platform for the processing of complex agreements - higher risk, higher value transactions which have traditionally necessitated some form of paper contract, such as credit, leasing and insurance.
In the past, companies looking to transition to paperless processing had to build or buy many different solutions or services, from online application to eID, anti-fraud, document generation, e-signatures and storage, and then integrate the components into their core systems. The end-result often proved to be expensive, slow to implement, inflexible, and of questionable legal enforceability.
IOCS, on the other hand, provides clients with a modular, cloud-based SaaS platform that incorporates all of the components needed to facilitate the automated, inter-party execution of enforceable complex agreements.