Eight global financial institutions have teamed up to help push widespread adoption of business-to-business ecommerce.
Banks including Chase Manhattan, Citibank, Bank of America, Barclays and Deutsche Bank, and ecommerce security firm Certco, will form a global authority, which will authorise members to issue digital cerificates.
A major obstacle to businesses using the public Internet to trade is trust. With financial sector using its authority to vouch for a company?s identity, large business-to-business transactions can be a carried out more safely.
?Trust in the identity of a trading partner is a fundamental component of enabling commerce between two parties,? said Guy Tallent, vice president at Chase Manhattan.
?With this announcement, the financial industry is stepping forward to help businesses validate the identity of counterparties so companies can confidently engage in Internet commerce.?
The new company will establish a system of rules, contracts and businesses practices, with the aim of creating a global network of known and trusted businesses and employees.
The announcement comes as Department of Trade and Industry official, Stephan Pride, said that telephone industry regulator Oftel would regulate trusted third parties in the UK.
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