Lloyds TSB is to pilot a new Internet banking service, called key online banking, designed to provide business customers with digital IDs for trading over the Web. The programme will be the first large scale, smart card enabled, Internet banking scheme in Europe claims the UK bank.
The key online banking service will use a a combination of smart cards and public key infrastructure technology (PKI) to secure business transactions conducted over the Internet. The bank is working closely with Accenture, formerly known as Andersen Consulting, to develop, implement and deliver the service, and has contracted with Schlumberger for the requisite smart card kit.
The bank’s business customers will be issued with personalised smart cards, which they will use in conjunction with a password. Customers will access the new service by identifying themselves to the Lloyds TSB certificate authority, supplied by Entrust, which will confirm their identity to the bank and 'unlock' access to the relevant business account.
Alan Woods, business banking director of distribution, says: "The key online banking pilot will be run with a small number of business customers, who have agreed to work with us to test and optimise the functionality of this new technology. Once we are content with the system, all our business customers will be able to benefit from the increased functionality and security that key provides."
The pilot is expected to run for the next five months and Lloyds TSB is aiming to roll out this service to business customers by late Summer 2001.