With all the fuss around banking services for their corporate customers or should I say lack of, the news that Bank of America Merrill Lynch is working with IdenTrust to solve ancient operational client data problems is worthy of note. IdenTrust has been
hacking away at the jungle of identity problems for years and although they offer reason and a clear solution it takes an age for banks to implement.
Bank of America Merrill Lynch (they really must shorten this name soon) have made a very sensible and timely decision and I hope this is the prelude to a rush by other banks. But it's no good just the Banks taking up the IdenTrust solution they must all
sell it to their corporate customers.
The ability to bring assurity to the identity of customers has obvious security values but it's in the terminal decline of outdated systems and procedures where the corporate client will see huge benefits. Lets hope that the cost benefits are passed on to
The risks associated with trading cross border through the web are well documented and with IdenTrust we have a great chance of establishing a brand new order for international business operations. The standards that will materialise are substantial and will
no doubt move outside of the initial scope of the Bank of America Merrill Lynch project. Such is the way of succesful innovation!
IdenTrust should now be able to gain the attention of all financial services firms in all sectors of the market and hopefully this manifests into a rush of users. They must however push hard into the corporate arena to increase awareness and knowledge. This
should be a pinser movement that brings together banks and their Corporate customers.
Governments are even more aware than ever of the identity problems and the crisis of confidence that happens when faults are found in the current system. This news should be as welcome in the halls of Parliament and Congress as it should be throughout the
finance and commercial world. Well done!