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Financial Internet Working Group

Objective

The financial Internet Working Group provides a structured forum for an open and constructive discussion of financial aspects of electronic commerce among all parties concerned. Such discussion is most useful if it leads to concrete initiatives and pilot projects. Therefore FIWG seeks to stimulate and promote the development and deployment of innovative payment systems and transaction mechanism projects. Its activities will focus on the impact of Internet on three areas: institutional payment systems, retail banking and securities trading. It is conceived as a network organisation, working in a flexible fashion and in close co-operation with existing industry bodies and public organisations in various sectors, while at the same time creating complementary, fast-reaction communication channels.
The project seeks:
.to enhance a shared understanding of interactions between technological, business and regulatory aspects of cyberfinance and its conceptual underpinnings;
.to create a structured and action-oriented discussion forum bringing together various parties concerned by cyberfinance;
.to promote interoperability among existing and planned Internet-based financial infrastructures and systems and to stimulate and monitor innovative Internet-based initiatives, projects and technology deployment in cyberfinance.

Objectives:
Its activities will focus on the impact of Internet on three areas:

institutional payment systems,
retail banking and
securities trading.
It is conceived as a network organisation, working in a flexible fashion and in close co-operation with existing industry bodies and public organisations in various sectors, while at the same time creating complementary, fast-reaction communication channels.

More specifically, the accompanying measure seek:
.to enhance a shared understanding of interactions between technological, business and regulatory aspects of cyberfinance and its conceptual underpinnings
.to create a structured and action-oriented discussion forum bringing together various parties concerned by cyberfinance
.to promote interoperability among existing and planned Internet-based financial infrastructures and systems
.to stimulate and monitor innovative Internet-based initiatives, projects and technology deployment in cyberfinance

Work description:
FIWG will structure and support Task Forces in each area of interest. These Task forces will comprise representatives of organisations active in these areas. Task force activities will be co-ordinated by a Steering Committee. FIWG activities will be accompanied by an active dissemination program, targeting key user and decision-making audiences, through both physical (seminars, conferences, publications) and virtual means. FIWG Web site, operational since November 1997 and redesigned in March 1999, will be a primary vector for such dissemination. FIWG Web site will also constitute a key vector of co-operation within and among members of Task forces.

Funding Scheme

ACM - Preparatory, accompanying and support measures

Coordinator

GLOBAL ELECTRONIC FINANCE MANAGEMENT SA
Address
Avenue Marquis De Villalobar 102
1150 Brussel
Belgium