The NFC Forum, a non-profit industry association that promotes the use of Near Field Communication (NFC) technology, has signed a Memorandum of Understanding with the Mobey Forum, a global financial industry group which facilitates mobile financial services offerings by banks.

According to the agreement, the Mobey Forum will communicate the critical business requirements of the financial community for consideration in open technical standards developed by the NFC Forum, which includes mobile communications, semiconductor and consumer electronics companies. Such an initiative is meant to sustain efforts regarding the delivery of services that will enable interoperable mobile financial transactions.

"Together with NFC Forum we can develop standards and remove other barriers to support banks to go to market faster with mobile payment solutions that their clients are looking for. We believe that the enablement of open services, open provisioning and technical standards, facilitate the creation of new services for growth and healthy financial returns in the entire ecosystem", the Mobey Forum chairman Ron van Wezel of Deutsche Bank states.

With over 50 members including banks, vendors, payment processors and mobile network operators, the Mobey Forum helps banks to offer mobile financial services through insight from pilots, cross-industry collaboration, analysis, experience sharing and experiments.

The NFC Forum promotes the use of Near Field Communication short-range wireless interaction in consumer electronics, mobile devices and PCs.