VeriSign, a technology company that specializes in data encryption and e-commerce has announced that it will provide a new Digital ID for financial institutions. They will provide this digital ID to financial institutions particularly US banks to further improve their business on the Internet. This is done in line with the trend of online banking in US.
This said digital ID is called the Financial Service ID. As mentioned earlier, this digital ID is purposely made for financial institutions. This means this digital ID will serve as supporting evidence or an authority that an American will need just in case he is under home banking services. Such services such as Identities of banks, brokerages, and pension funds that support the Open Financial Exchange (OFX) are the ones provided for by this said ID. As this is used by the bank consumers, they are guaranteed that their Internet banking transactions will not be stolen nor tampered with. Their Internet banking transactions will only be received by the US bank or financial institution where they have an account.
When it comes to banking or whatever financial matters, one of the consumer’s most valuable asset is security. The credence of security is doubled when it comes to adoption of their banking transactions in the internet. That is why; the VeriSign has made sure that this Financial Service ID will not fail the American bankers. As this Financial Service IDs were used in a recent pilot linking consumers using Microsoft (MSFT) Money, Intuit (INTU) quicken, and CheckFree (CKFR) software with CheckFree, E*Trade, and Waterhouse Securities, this will surely be a big help to most Americans who are under the services on online banking. This digital ID will serve as a way to secure the American’s financial assets in their chosen US banks.
VeriSign’s Financial ID Service will positively be at a great advantage to most Americans who are under home banking services. As this Financial ID Service is supported by the Open Financial Exchange (OFX), every American banker will be secured with his banking bills, bill paying, bill presenting and other banking services via Internet. There are many Americans who are choosing the services of home banking or the said online banking. And with the VeriSign’s Financial ID Service, there is no way that these American will feel unsecured about their online bank accounts.
