we worked on a feasibility study for a similar product for a UK financial services company back in 2007. They decided not to go ahead with it for commercial reasons that were none of our business, although as far as I recall the technical architecture that we came up with was plausible. I bring this example up here because it shows again how a combination of mobile wallet and decoupling can bring into the market wildly different products, way different from the current credit and debit card products. The transition to SP is an inevitable consequence of this trend and it seems to me that there is a growing recognition among our clients that digital identity is at the heart of the SP transaction. Which means, of course, that the organisations who to provide SP infrastructure must have an identity management strategy. This is, I think, actually quite difficult for them. As I've noted before, there is at least one important difference between identity strategy in the financial services sector (and the payment strategies that they have historically been party to) in that identity strategy sits inside cross-sector national and international identity management frameworks. The financial sector has to develop within these frameworks and not develop its own special-purpose or proprietary solutions. We are not far away from the first NSTIC (in the USA) or IDA (in the UK) payment scheme. Incidentally, and with the usual IANAL caveat, it looks to me as if someone else has spotted the decoupled