21 February 2018
Visit www.avoka.com

Chinese banks plan large-scale PKI roll-out

31 August 2001  |  2699 views  |  0 cards Europay Shopping

The China Financial Certification Authority (CFCA), a joint venture of 13 commercial banks under the direct leadership of the People's Bank of China, is to use technology from Texas-based Entrust to secure online payment transactions over the Web.

The CFCA plans to issue more than 100,000 digital certificates or IDs over the next six months to corporate banking customers and Chinese stock traders who perform online transactions valued at over US$1 billion.

The certification authority is the largest secure e-commerce infrastructure effort ever undertaken in China, and is expected to accelerate the adoption of e-commerce in China.

The CFCA carried out an intial pilot programme through its 13 member banks which involved about 15,000 digital IDs from Entrust to help secure those financial institutions' online banking services, such as Internet banking, business-to-business transactions, online electronic bill payment and online brokerates services.

Liu Da Long, general manager, China Financial CA Centre, says: "Based on the success of our initial pilot, we are now ready to expand production to support a broad range of e-commerce payment functions in the capital region around Beijing and at many other locations in China."

Entrust's enhanced Internet security software ensures end-user identification based on digital IDs, entitlements, verification, privacy and security management capabilities.

Edward Kountz, senior analyst, mobile financial strategies, TowerGroup, comments: "As Chinese Internet and mobile Internet penetration continues to rise, leading domestic and global financial institutions will continue to look for ways to reach new and existing customers via self-directed electronic access. The introduction of security tools that can support this adoption is a critical step in this process."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

China Merchants Bank inks FX data deal with Bridge

China Merchants Bank inks FX data deal with Bridge

09 August 2001  |  4017 views  |  0 comments
Consumers trust banks, not PINS, for mobile security

Consumers trust banks, not PINS, for mobile security

02 August 2001  |  4163 views  |  0 comments
Sinobull develops FX trading in China

Sinobull develops FX trading in China

27 July 2001  |  2102 views  |  0 comments
EdgeMatrix/Cyber On-Air partnership delivers mobile banking to China

EdgeMatrix/Cyber On-Air partnership delivers mobile banking to China

16 July 2001  |  2949 views  |  0 comments
Brief: Bolero.net signs Bank of China

Brief: Bolero.net signs Bank of China

05 July 2001  |  2836 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comvisit www.nextgenbanking.co.ukRegister for the webinar

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11946 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
9715 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9461 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
8226 views comments | 13 tweets | 12 linkedin
FCA explores creation of global sandboxFCA explores creation of global sandbox
7478 views comments | 19 tweets | 18 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job