Re: The Payments Architecture within which a Web Payments Architecture occurs

On 05/15/2015 12:23 AM, Joseph Potvin wrote:
> RE: "Getting deeply involved in standards setting organizations that
> take a decade per cycle is largely a non-starter. We re-use the work
> they have, but have no hope of being able to steer the ISO/ITU ship
> on any time frame that is relevant to the speed at which the Web
> moves."
> 
> I understand what you mean (albeit your charicature is something of
> an exaggeration, surely).

It isn't an exaggeration, for example when it comes to payment messaging
standards:

* ISO 7775 was released in 1984
* ISO 15022 was released in 1995
* ISO 20022 was released in 2005

When it comes to the BIS documents you cite:

* CPSS and CPSS-IOSCO were released in 2001-2004
* PFMIs was released in 2012

These ISO/BIS/ITU standards take a decade per cycle. W3C specs typically
take 2-4 years for the first release, and 1-2 years for each rev after
that (and this is considered slow in the technology industry!).

> I'm simply saying that AFAICT there's no need to try to tweak or
> expand standards like OASIS/UBL, or the UNICTRAL WG-IV Model Laws or
> the BIS/PFMI to accommodate anything and everything I've seen in the
> past year of W3C WP goals discussion. Those standards are all good
> enough. Just use them.   ...yes it is hard work.

+1

> What I am saying is that the W3C WP work would be (much!) simpler
> and faster if this community would just off-load everthing that
> belongs to the Ontology of Payments and that that of e-Commerce
> generally to the entities that actually own those mandates, and
> (sorry to be boring!) stick to knitting the Web.

I'd be thrilled to offload as much work as possible. What work do you
think we can offload?

> Actually, it turns out to be convenient that the US Fed's "Faster 
> Payments Task Force" on 15-16 June meets immediately prior (indeed
> I'd say "meaningfully overlapping" for a day) to the W3C WP IG's
> meeting of 16-18 June. Hopefully the FPTF meeting's outcomes will
> provide directly useful input to the W3C meeting.

I'm on the FPTF and have spoken w/ the US Fed extensively about what's
going to come out of that meeting. The overlap is causing all of the W3C
members to be unable to attend the FPTF, so that's a shame. The outcome
of the meeting won't affect the W3C meeting because it's too early.

That said, this is going on:

http://manu.sporny.org/2015/payments-collaboration/

-- manu

-- 
Manu Sporny (skype: msporny, twitter: manusporny, G+: +Manu Sporny)
Founder/CEO - Digital Bazaar, Inc.
blog: The Marathonic Dawn of Web Payments
http://manu.sporny.org/2014/dawn-of-web-payments/

Received on Friday, 15 May 2015 04:58:07 UTC