An open financial services architecture based on the use of intelligent mobile devices

The scope of this paper is to explore, analyze and develop a universal architecture that supports mobile payments and mobile banking, taking into consideration the third and the emerging fourth generation communication technologies. Interaction and cooperation between payment and banking systems, integration of existing technologies and exploitation of intelligent procedures provide the prospect to develop an open financial services architecture (OFSA), which satisfies requirements of all involved entities. A unified scenario is designed and a prototype is implemented to demonstrate the feasibility of the proposed architecture. 2007 Elsevier B.V. All rights reserved.