The American Bankers Association has issued rules governing the use of TrustID digital certificates, an online identification credential similar to a driver s license or passport. Issued through financial institutions, TrustID digital certificates verify an individual or organization with a guarantee of identity. Approved by the ABA board of directors, the new policy sets the rules for all parties involved in issuing or receiving TrustID digital certificates, how they will work and how they will be managed. This policy paves the way for greater use of digital certificates that means more trust in online transactions, said Donald G. Ogilvie, ABA executive vice president. These rules create a common policy allowing the financial services industry to fulfill its traditional role as a commerce enabler.
Banks have a long tradition of trust with their customers.
That s why financial institutions are the best source for issuing digital certificates to their business and retail customers, Ogilvie said. By issuing TrustID certificates, ABA believes financial institutions will increase their role as key players in electronic transactions. Banks will be able to offer more online financial services, build customer relationships and generate new revenue. The ABA TrustID certificate policy creates the interoperable framework necessary for broad usage of this new form of online identification. Classified as technology neutral, the ABA believes these rules will speed the adoption and acceptance of digital certificates among businesses and consumers.