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Identrus, a vendor formed by a consortium of banks, has been building a global public-key infrastructure (PKI)-based system that was trying to be the de facto "digital handshake" for cross-border business-to-business transactions.
Although Identrus had the framework, guidelines and preferred vendors, it did not have its own service.
"Many banks ran into problems with vendors and it took months to get [the PKI service] implemented. And then the customer didn't want to use it," Litan said.
Last year, Identrus assumed ownership of Project Eleanor, a joint venture of several financial institutions aimed at creating a standard for secure business-to-business payments over the Internet and bolstering straight-through processing or single-day settlement of trades.
DST provides online digital identity services to US government agencies.