ABN Amro has introduced a SET-based e-Wallet service for securing consumer payments over the Internet.
ABN Amro's customers are being invited to activate their e-Wallets over the bank's Web site. In order to be able to pay with the e-Wallet the customer uses the same e-Dentifier and bankcard which provides access to ABN Amro's Internet banking service.
By following the same procedures customers use for their online banking transactions, the payment for a product bought through the Internet can be realised in five steps says the Dutch bank. Almost 300 Internet shops currently accept the e-Wallet.
Security is provided via the international SET (Secure Electronic Transaction) protocol for safeguarding credit card information passed over the Internet. The Consumentenbond (Dutch Consumer Interest Organisation) considers the SET-protocol the safest way of paying through the Internet.
In a seperate initiative, ABN Amro is to provide its online banking customers with stock alerts via SMS or e-mail using technology supplied by UniXS. Besides the usual single price-related updates, customers can also opt to receive alerts about price movements as they relate to an entire securities portfolio.
The bank describes the service as a major expansion of the SMS investment news service it launched three years ago.