Connectivity and telecommunications are crucial for the development of smarter financial systems and payments. The smart cities model relies heavily on a fast, secure, real-time transfer of information.
Connect devices with citywide, multi-service communications. Smart cities need connectivity throughout to allow stakeholders to carry out transactions anywhere, anytime. Access to high-speed wireless Internet is a prerequisite. So is good coverage, including areas such as subways and mass transit systems where people spend significant time. Everyone also benefits from a fast and secure network, as it decreases the risk of fraud and reduces processing time to create a seamless experience.
Connect all financial systems with a citywide, data platform. Cities need to collect and use data in real time to have complete situational awareness into financial flow. A holistic view that integrates financial data from all city departments is key to understanding trends and making informed projections about future investments. It is also essential in providing transparency to citizens.
Interoperability maximizes the value of smart financial systems and payments.
Adhere to open standards (including across all finance and payment infrastructures). Adopting open standards has significant advantages. It ensures fast and broad participation, minimizes risk (through investment in tested standards) and drives procurement efficiency (by offering access to greater choice and lower prices). It also facilitates participation by foreign consumers, tourists and business travelers.
Open standards must be used at multiple levels including 1) the communications technology, 2) the interaction between payment devices and 3) the data exchanged between the devices. NFC is the perfect example. This contactless communications standard has been broadly adopted by leading merchants, issuers and city leaders around the world.
Cities should give preference to global standards to make it easier to do business globally and to attract tourists from other countries.