Leading banks and financial institutions worldwide are aiming to increase the takeup of business-to-business electronic commerce by making it easier to verify trading partners? identity online.
A new company, Identrus, has been established by eight leading financial organisations, with two more expected to join as owners, subject to regulatory approval.
Members include Barclays Bank, Chase Manhattan, Citigroup, Deutsche Bank, Bankers Trust, ABN Amro of the Netherlands and Germany?s Hypo Verinsbank, with Canadian Imperial Bank of Commerce and Japan?s Sanwa Bank negotiating to join.
Indentrus provides certification services to corporates through their existing relationship with their bank or financial institution. This certification service verifies the validity of a customer?s identity to trading partners allowing businesses to reduce and manage the risk of conducting business over the Internet.
First announced six months ago See Newswire 21 October 1998 the founding companies believed that there was one obstacle still to be overcome in ecommerce - trust. Until businesses were certain about a trading partners identity, business to business ecommerce wouldn?t reach its full potential.
By signing up with Identrus companies will be able to confidently use the Internet to conduct business to business ecommerce with any other trading partner that is a member of the Identrus network.
?The legal formation of Identrus is an important milestone, it represents our ongoing commitment to helping businesses around the world find new customers and suppliers, create new markets, reap new profits and trust the Internet enough to pursue these goals,? said Guy Tallent, president and CEO of Identrus in a statement.
Identrus is designed to be a truly global and interoperable system so that businesses need only one electronic identity for all their Internet activities, from the initial proposal, for contract signing to payment, eliminating the need for multiple, duplicate solutions.
The Identrus network will also be responsible for resolving disputes over transactions for all its participants.
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