Identrus: No PAIN, No Gain for Banks in the Business Value Chain
Digital signatures need a reality check.
According to Celent's latest report, , only a few trusted third-party providers will overcome the legal and technological issues needed to bring digital signatures to the B2B market.
Four e-commerce pillars (PAIN) are supported by the trusted third-party infrastructure: privacy, authentication, integrity, and non-repudiation.In addition to digital signatures, the infrastructure includes digital certificates and attendant public key infrastructure (PKI).
To build closer ties with corporations, banks must move beyond secure messaging and offer other value-added applications enabled by their trust infrastructure. Industry consortia will play major roles in this development. The report spotlightsIdentrus, a global bank consortium which has succeeded in making digital signatures a reality for banks and their corporate customers.
Identrus stands out as the only contender that has established globally binding policies and rules," comments Alenka Grealish, author of the report. "As a result, its member banks will excel in the high-value, highly sensitive, and international business-to-business segments."
"Despite e-commerces current sluggishness, the time and cost savings derived from moving underlying business processes online are compelling," adds Alenka Grealish. A digital signature craze, however, will not overwhelm every sector of business-to-business commerce.Rather, the impact of digital signatures will be greatest in segments with special security or trust requirements. "Digital signatures will affect markets in Europe more than in the U.S.," comments Grealish, "because smart cards are widespread, as are e-signature laws that either explicitly or implicitly endorse a third-party trust infrastructure."
A Table of Contents is available online.
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Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].
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|San Francisco, CA, USA November 15, 2001
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