StarterPak, introduced by PwC’s ebusiness security business beTRUSTed, should make it cheaper and easier for smaller banks and their corporate customers to use Identrus security technology.
Identrus is a bank-owned consortium that provides security for transactions between corporates and financial institutions via use of digital certificates and a secure legal and technological framework.
Its founding global financial institutions – which include ABN AMRO, Bank of America, Barclays, Chase Manhattan, Citigroup, Deutsche Bank and Hypo Vereinsbank – came together in 1997 to address the security issues concerning the authentication of trading partners’ electronic identities. Last month, three more banks including Royal Bank of Scotland went live enabling their customers to engage in secure B2B commerce using electronic identities called ‘Identrus Global IDs’.
According to PwC, StarterPak allows current or prospective Identrus financial institutions to avoid the significant development time (1-2 years) and up-front costs (Pounds 2.1m-3.57m) associated with building their own in-house Public Key Infrastructure (PKI). ‘StarterPak enables financial institutions to offer Identrus-compliant digital signature services and other PKI-related, value-added services to their business customers in 90 days and at a fraction of the traditional cost,’ said PwC.
StarterPak simplifies the Identrus accreditation process for financial institutions by providing a set of customisable documents and templates outlining policies and processes that must be adopted to deploy a live Identrus PKI. These include 19 documents covering a wide range of subjects – including a certification practice statement, certificate policy, privacy statement, security procedures, business continuity procedures and event logging – enabling financial institutions to stick to required Identrus guidelines with minimal up-front time and financial investment.
According to PwC, the documentation set can be quickly customised ‘to adhere to specific financial institution policies and standards, with the objective of having an initial, Identrus-compliant PKI operational for a single, well-defined application for any customer within 90 days from project commencement.’ Through StarterPak, financial institutions can ‘obtain full compliance with Identrus e-commerce standards significantly faster than using traditional accreditation methods,’ added PwC.