e-Transaction TrustPlatform for the Identrus System
The Business to Business Opportunity
Forecasts for B2B e-Commerce over the next few years are staggering with estimates ranging in excess of $3 trillion by 2005. Businesses everywhere see the opportunity to offer their products and services to an enormous new global market of potential customers. In addition, the potential to dramatically reduce costs and speed up both time-to-market and business transactions presents a compelling case for electronic business processes that leverage the ubiquity of the Internet. Cost reduction opportunities range from paper savings and document handling to reduced travel and the costs resulting from human error. Estimates of B2B electronic marketplace savings run as high as $480 Billion by 2003.
The Challenge Ahead
So with such a compelling business case, why isn’t everyone doing business on the web?
The answer. TRUST.
How do you know if the person or company at the other end of that Internet connection is really who they say they are? It’s one thing to read their brochures or even to pay $25 for a book. However, if you’re about to purchase $100,000 in computers from an unknown company on a different continent, the rules of the game have to change.
What is Identrus?
Founded in April 1999, Identrus LLC was formed by global financial institutions to remove the final obstacle to business-to-business e-commerce on the World Wide Web—trust in a trading partner’s identity. Based on public key infrastructure (PKI), financial institutions act as the trusted third parties enabling digital signatures to provide non-repudiation for transactions. The Identrus infrastructure enables trading partners around the world, through their financial institutions, to conclusively identify one another over the Internet.
The Identrus infrastructure not only offers a framework for traditional bank services, e.g. payment, but also, in fact, provides a secure infrastructure for any e-business transaction. The global marketplace for Identrus secured transactions is massive. The number of B2B customers represented by the founding members adds up to over 10 million customers worldwide. Today, the Identrus system counts over 50 of the world's leading financial institutions among its participants, spanning more than 133 countries.
Whate-Commerce Products and Services Does Identrus Enable?
This list is open to the creativity of the member institutions, solution providers and their customers. Service and product examples include:
- Electronic funds transfers
- Procurement and payment
- Trade finance and letters of credit
- Online contracting
- Insurance sales
- Government filings
- Securities trading
- And many others...
To learn about Kyberpass Solutions for the Identrus System, click here.
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