ING Belgium first to pilot PKI security for SwiftNet FIN
06 April 2006 | 5952 views | 0
ING Belgium has become the first institution to send a digitally signed payments message over the interbank Swift network using a new PKI-based security architecture.
The new security framework is based on the exchange of digital signatures and public key cryptography and has been introduced as part of a planned second phase migration to the new IP-based messaging network SwiftNet.
The SwiftNet PKI model replaces the current outmoded Bilateral Key Exchange method used to verify correspondents over the FIN store and forward network.
Swift says the new security system is easier to use, with simpler relationship management tools and improved control over traffic.
ING Belgium is the first institution to pilot the new security upgrade. Virginie de Fresquet, CIO transactional services for ING Group, ops and IT, banking, says: "Being a pilot gives us a head start in the preparation for this important migration. SwiftNet PKI and the introduction of tamper-resistant devices (HSMs) will enhance and simplify the current FIN security mechanisms."
Swift says the SwiftNet phase two pilot programme will continue to build up until September 2006 at which point it expects 40 pilot institutions and all interface vendors to be involved.
Migration to the new architecture will begin sometime in 2007.