Public Research Support for an Innovative Integrated Payment Model of Service Delivery

Abstract

AbstractThis paper introduces an entrepreneurial innovation supported by public research. TITAN is an R&D project funded by European Structural Funds with the National Operational Program for “Research and Competitiveness” 2007–2013 (NOP for R&C). General purpose of TITAN project is to achieve a multi-application and multi-channel platform to manage value-added services (VAS) and e-payments. From the EPAS protocols perspective of standardizing the electronic payment, VAS data management will be included in the current financial messages (CAPE – ISO 20022). In order to improve the process of card payment transactions through the delivery of new VAS was born the cooperation between EPASOrg and TITAN’s team. This cooperation would facilitate the examination and submission to ISO 20022 of data components related to the provision of added-value services meeting the requirements of those new contactless applications developed in the framework of the project. This is the principal and most entrepreneurial innovation concentrated on the integration of payment and VAS that draws attention to a new model delivering the VAS on a multi-application device used by both payment and VAS, during the same payment transaction. The latter result has led a Change Request to ISO in order to allow the extension to the VAS on the standard ISO 20022 related to card payment. The innovative model proposed is validated through a sample scenario and, finally, the conclusions summarize the next steps and underlines possible implications for future business and technological developments.