|Open Payment Alliance: Charter|
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WORKING GROUP NAME
Open Payment Alliance
WORKING GROUP CO-CHAIRS
Xavier Ginesta, Chairman, Voxel Group
HEDNA BOARD LIAISON
Mike Carlo, CEO & Founder, XanderPay
Build an industry-specific B2B community based payment channel which features streamlined execution of complex B2B payment flows, payment method independence, seamless access to Level-3 data, out of the box compliance with present and future standards and regulatory requirements, and plug and play connectivity between the information systems of all industry stakeholders.
Travel companies will be able to send payments instructions to the "Payment Specialist" specifying the terms on which payment for a given booking should be executed and it will be the Payment Specialist's responsibility to leverage the network of partners of the OPA in order to guarantee that the money seamlessly flows into the intended recipient's bank account according to the specified payment terms.
IDENTIFIED BUSINESS PROBLEMS
The goal of the OPA is to act as a catalyst in the transition from the highly inefficient manner that B2B payments are handled today to a fully streamlined payment infrastructure. This goal has traditionally been attached from the classic approach of defining standards and fostering their industry-wide adoption. The goal of the OPA initiative is to attack the root of the problem of B2B payments mirroring the way disruptive innovation is happening at exponential speed across different industries worldwide: leveraging vast networks of relatively small companies which specialize in specific pieces of a complex value chain and then bundle their services into alliances to collectively disrupt entire industries.
The firs meeting will be held in conjunction with the HEDNA Dublin Conference. A meeting schedule will be implemented after the first meeting.
WORKING GROUP COMPOSITION
The purpose of the OPA is to implement different versions of the Payment Specialist paradigm which cater to the needs of industry-specific verticals (corporate travel, tour operation, OTAs, etc) and start piloting them during 2017. After successful piloting and fine tuning, the final block diagrams of each proposed solution will be released and made publicly available.
The Co-Chairs and Board Liaisons envision the OPA becoming an ongoing forum.
Please see the latest on the OPAs efforts at their working group micro-site here.
Download the full Open Payment Alliance Charter here. If you would like to join the Open Payment Alliance, please fill out the form below: