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October 20, 1997, Section: News & Analysis

New Digital ID For Online Banking

By Rutrell Yasin

Banks and other businesses seeking to give customers enhanced online services know they have to calm users' fears about security and privacy. To help these companies secure the exchange of data over the Internet, Verisign Inc. has teamed up with Microsoft, Intuit Inc. and CheckFree Corp. to unveil a new digital certificate. The Financial Server IDSM for Open Financial Exchange can be used with consumer banking and other online financial services that comply with the Open Financial Exchange, a specification for electronic exchange of financial data between businesses and consumers. It supports consumer and small-business banking, bill payment and investments as well as financial Web sites, thin clients and personal financial-management software. Verisign's Financial ID was used in a recent pilot that linked consumers using Microsoft Money, Intuit Quicken and CheckFree software with online services providers such as E*Trade Group Inc. and Waterhouse Securities Inc. The ID gives companies a high level of authentication and encryption, helping to protect against theft, impersonation or loss of certificates. Available now, the Financial Server ID costs $995 for U.S. customers and $1,195 for international users. To purchase the product, visit the Web site. (digitalid.verisign.com/ofx_ids.htm)