The system will be based on the Australian-developed Webpay solution, which is the first non-North American company to achieve Identrus certification. Identrus is an organisation formed by a number of global tier-one finance companies attempting to encourage large cross-border transactions by enabling companies to have trust in their trading partners online identities.
It is relatively easy to impersonate a legitimate business online by setting up fake Web sites and e-mail addresses.
"[The Identrus system] allows for identification, authorisation and non-repudiation of transactions between relying parties," said ANZ's chief operations officer, David Boyles. "It facilitates an environment for managing risks associated with evaluating and accepting electronic identities when processing e-commerce transactions".
Ray Whiteside, Asia Pacific managing director for eFunds, the distributor of Webpay, said the technology was currently being assessed by a number of major financial institutions.
"The marketplace for using the Internet to process payments and other business applications is extremely hot at the moment but there is increasing pressure on the banks to assure their customers that the security, authenticity and privacy of their transactions is beyond question," said Whiteside.
