Today, you can microchip your pet. Tomorrow, the Financial Services Technology Consortium (FSTC) hopes you'll use similar technology in work to track your laptop, important documents, or cash moving from your vault to another bank.
At the request of some of the countries biggest banks, FSTC today announced plans to create a universally compatible tagging system within the banking industry.
Owners keep tabs on pets thanks to radio transmitters communicating between the chip embedded in the animal and the tracking database.
The FSTC's Radio Frequency Identification (RFID) project will ensure that Bank B's system can read the tags on a mail bag sent by Bank A or on any of the documents within the bag that warrant being individually tracked, such as loan origination agreements.
"Four of the top five banks in the U.S. asked for our help in establishing this," John Fricke, FSTC chief of staff, told BS&T in an interview. "They see the difficulty of getting it up and running but also the value.
"We're reaching out to the industry and asking them to help. No matter if you're a small community bank or a Citi, we want everyone to participate."
The group expects to recommend a preferred technology standard for interoperability by year's end.
