Called Universal Flash Storage, the standard promises higher data transfer speeds and greater storage capacity in embedded memory and on memory cards. And by enabling high-speed access to large multimedia files and stored data, the technology also would reduce power consumption in devices, according to a cadre of supporting companies.

Nokia, the world’s biggest mobile phone maker, Samsung, Sony, Texas Instruments, Spansion, STMicroelectronics and Micron issued a joint press release supporting the standard.

They said a 4GB, 90-minute movie would today take three minutes to access, but with Universal Flash it would take just a few seconds.

The UFS standard is expected to be finalized in 2009.