Banks Unite To Develop E-Commerce Digital Certificates - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

Banks Unite To Develop E-Commerce Digital Certificates

Eight global banks have formed a joint venture to create a new type of digital certificate, which they hope will give companies conducting electronic commerce more confidence about the identity of the people on the other end of transactions.

The participating banks intend to create common technical guidelines for digital certificates--which are essentially electronic IDs that vouch for a user's identity--and issue them to their own corporate customers. The banks are ABN AMRO, Bank of America, Bankers Trust, Barclays Bank, Chase Manhattan, Citibank, Deutsche Bank, and Hypo Vereinsbank. CertCo, a provider of digital certificates, is also a partner in the for-profit venture, to be named and formally launched early next year.

The venture also aims to provide "a fundamental risk- management function" for companies conducting Internet commerce by establishing procedures to follow should they be defrauded while using the certificates, says Guy Tallent, VP of E-commerce strategy at Chase Manhattan. Bank executives say they will work on an infrastructure for issuing and distributing their digital certificates but they won't work together to promote adoption of them by their respective customers.

The banks' effort will compete with existing attempts to create a standard for digital certificates. The American Bankers Association is working on being a "trusted third party" in issuing digital certificates for U.S. banks, and IBM joined in June with credit agency Equifax Inc. to perform a similar function.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
The State of Cloud Computing - Fall 2020
The State of Cloud Computing - Fall 2020
Download this report to compare how cloud usage and spending patterns have changed in 2020, and how respondents think they'll evolve over the next two years.
News
How to Create a Successful AI Program
Jessica Davis, Senior Editor, Enterprise Apps,  10/14/2020
News
Think Like a Chief Innovation Officer and Get Work Done
Joao-Pierre S. Ruth, Senior Writer,  10/13/2020
Slideshows
10 Trends Accelerating Edge Computing
Cynthia Harvey, Freelance Journalist, InformationWeek,  10/8/2020
Register for InformationWeek Newsletters
Video
Current Issue
[Special Report] Edge Computing: An IT Platform for the New Enterprise
Edge computing is poised to make a major splash within the next generation of corporate IT architectures. Here's what you need to know!
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll