Dun & Bradstreet, Equifax, Computacenter and Reuters are piloting a new digital service from Natwest launched yesterday.
The service, the result of a collaboration between Natwest and US based Intertrust technologies, is an ecommerce service providing online copyright protection and simplified digital payments.
According to Natwest, Magex will enable companies to protect valuable digital goods such as music, books, games and business reports, sold over the Internet.
All four companies have been testing the service over the last three months. Bernard Horn executive director of group operations at Natwest said the two major issues holding back the digital economy are the inability to generate repeat revenue from content and weak of non existent copyright control.
He added that consumers are also still worried over security controls when purchasing goods on line.
"Whilst all these concerns prevail, vendors are reluctant to sell and consumers reluctant to buy," said Horn.
He explained that Magex protects digital information (content) within an encrypted Digibox container that also enables companies to apply a flexible set of business rules which governs the price and usage of content.
Consumers can then choose to read, listen to, print or save the information. After registering, each consumer receives a charged up PC based wallet which contains the funds necessary to pay for the digital goods they want to buy.
Horn added that as a bank which handles millions of transactions everyday, Natwest is also able to handle financial transactions from as little as a few cents that were previously uneconomical to process.
Martin Reynolds, senior analyst at research company Dataquest, commented: "This type of service needs to be provided by an organisation that is trusted and a bank is an obvious choice."
The service will be available from October this year.
Source: VNU Newswire
Cotton seedling freezes to death as Chang'e-4 shuts down for the Moon's 14-day lunar night
Fortnite easily out-earns PUBG, Assassin's Creed Odyssey and Red Dead Redemption 2 in 2018
Meteor showers as a service will be visible for about 100 kilometres in all directions
Saturn's rings only formed in the past 100 million years, suggests analysis of Cassini space probe data
New findings contradict conventional belief that Saturn's rings were formed along with the planet about 4.5 billion years ago