Published June 17, 2008 by Mobey Forum

The paper details Mobey Forum's research into best practice to support Mobile Financial Services (MFS). MFS includes the ability to make daily banking payments and other financial services with the help of the mobile handset anytime, anywhere and for any reason.

Trust services are a key component of modern financial services. Digital Identity (ID), offered by the consumer’s bank, plays a fundamental role in today’s society when accessing various electronic services and confirming transactions. The research addresses the requirements and security needs of the various stakeholders, to create a collaborative ecosystem for offering those services that mandate and require the sharing of security hardware inside the mobile handset. It tackles the challenge where multiple applications share the same hardware platform and are all of critical importance to their respective owners, but recognises the financial institution’s payment liability, which then leads to their need to have control over the security solutions throughout their lifecycle.

Special focus is given to creating understanding of the conceptual business models for the enabling enrolment processes to a shared Secure Element (SE) and the related business relationships, including maintenance and lifecycle management.

The framework for this research has been to achieve collaborative ecosystem models that are suitable for multi-application, multi-service provider mass-market services. Throughout the research and analysis, consumer needs are viewed as paramount.

The paper identifies ecosystem models that provide clear benefits to the various business stakeholders as well as to the end user. It is assumed that the stakeholders cooperate within MFS (and Near Field Communication or NFC) ecosystems to realise the full business potential and mass consumer adoption.

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