Fiserv Inc., a global provider of financial services technology solutions, recently unveiled research on hallmarks of a successful new payments product that it will present at next week's NACHA 2010 conference.

Fiserv's study revealed nine characteristics that it says are the hallmarks of success for new payments solutions. The company's consulting director for global payment solutions, George Warfel, formulated these nine principles based on time-tested learning and observations across a range of payments products, according to a company release.

Adding to the development were focus group-based insights gleaned from banks and bank customers concerning the latest innovations in payment systems (including mobile and website based payments).

Fiserv's research showed that a successful new payments product has certain traits:

1. All electronic: From initiation, to settlement, to statements, any new payment product must be completely electronic.

2. Ubiquitous: New payment products must work everywhere, all the time.

3. Intuitive: If users can't immediately and intuitively figure out how to use it, the payment product is doomed to fail. Any successful new payment product must be easy to use.

4. Secure: Successful new payment products will include two-factor authentication, end-to-end encryption, firewalls and smart compartmentalization of data.

5. Easy: Users don't want to have to remember their account number or credit card number. Successful new payment products will have easy to remember account codes — such as a cell phone number — that consumers already know.

6. Informative: Payment data will be delivered automatically as part of completing the payment.

7. Interactive: Using any new form of payment should be highly interactive — and fun.

8. Always on: Consumers don't want to wait for an application to download or to be directed to a website more than once. Successful new payment products will have single keystroke or touch access.

9. Customizable: Allowing the user to completely customize the payment application, whether it be changing the graphics on the screen or adding their own sounds for alerts, new payment products will let the user create the experience they want.

Warfel has more than 25 years of experience in payments product innovation and has developed retail and wholesale banking products in markets from Hong Kong and Denmark to the United States and Canada. His payments innovation work extends from central bank national payments systems to consumer level payments products. A social scientist by training, Warfel deploys surveys, focus groups, customer product design sessions and payment product innovation laboratories in his development of payment systems and products. He holds a patent for an image letter of credit system and has received industry awards for his payments innovations.

Warfel, along with Terri Bradford, payment system research specialist at the Federal Reserve Bank of Kansas City, will be presenting on new media payments at the NACHA Payments Conference in Seattle, April 25-28. In their session, "Social Media: The New Face of Payments," Warfel and Bradford will examine payments convergence, cell phone image capture, cell phone payments, new marketing tools and the youth, unbanked, and immigrant segments. Connections among these trends are made by exploring common themes including youth orientation, public electronic networks, speed and consumer empowerment. The session will be held on Tuesday, April 27, from 10 a.m. to 11:15 a.m.