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E-banking to gain boost from Apacs scheme

David Bicknell
Bank payments clearing organisation Apacs will today unveil a new system intended to give businesses confidence in electronic business transactions

David Bicknell

Bank payments clearing organisation Apacs will today unveil a new system intended to give businesses confidence in electronic business transactions.

The venture, which has the backing of both Barclays and NatWest, is expected to be a UK mirror of the US Identrus "trust" organisation of which both banks are members.

The UK venture, yet to be named, should bring clarity to an area where a number of strategic ventures have formed, but has had little practical use so far to businesses.

The new system is expected to rely heavily on the use of digital certificates, which are likely to be an increasingly important technology in authenticating businesses and their customers on the Internet.

It is likely the new system will have a direct relationship with Identrus, which will facilitate e-business through its member organisations.

It has been over two years in development and plans to begin operating this spring.

Identrus has financial backing from banking giants Citigroup, Deutsche Bank, and ABN Amro, with total assets of over $3tr.

Much of its time has so far been spent in developing practical business rules for e-commerce.


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