HSBC is joining the IdenTrust network to provide a global and interoperable identity solution for a select set of key corporate customers. HSBC will leverage the IdenTrust framework to enable its customers to digitally sign payment files at the user-level, as a way to provide secure, non-repudiable and legally binding instructions to the bank. IdenTrust says this approach simplifies the authentication process and streamlines the customer experience, since only one identity per user is needed to interact with all of a customer’s banks. HSBC is undertaking a series of customer implementations to demonstrate the scalability, interoperability and non-repudiation of user-level signing for corporate-to-bank and bank-to-corporate communications. Also, IdenTrust and HSBC are working together to identify additional opportunities across the bank where high-assurance identities can benefit customers, such as streamlining bank account management processes and trade finance services.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
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