There are four major areas in which work toward creating an XML standard payment systems is taking place. Here is a look at them: Industry Collaboration. Industry collaboration ranges from limited private efforts such as Identrus Project Eleanor to larger, industry-wide groups that seek to develop a uniform standard that can be used by any bank. Collaborations often represent different constituencies, which can include vendors, service providers, government entities, or other third parties in addition to bank members. Standards Organizations. Payment standards organizations start with expertise in syntax development and develop interoperable standards that extend beyond single-purpose applications or business needs. Segment-specific standards development takes place within working groups driven by large, high-need, early adopters. Payment Systems. Payment systems, including payment networks, associations, or national central banks, develop or use industry-developed standards on behalf of their individual communities-the goal commonly being systemic integration rather than global interoperability. Standards adoption can be a slow, albeit thorough, process because all members must be able to receive and process new formats. Vendor Solutions. Vendors create and develop standards in order to further their own revenue objectives by advancing industry goals. They typically develop standards in specific vertical expertise areas, often in conjunction with other vendors and financial institution partners. Solutions are characterized by quick time to market for specific applications usage. Source: TowerGroup