Sun Microsystems has joined the bank-sponsored Bits Financial Services Security Lab to contribute to research into the development of safe, private, and secure e-commerce.
"The Bits Financial Services Security Lab offers an outstanding opportunity for collaboration between technology providers like Sun Microsystems and information technology professionals in the financial services industry," says Rhonda MacLean, senior vice president and director of information protection, Bank of America and co-chair of the Bits Security and Risk Assessment Steering Committee.
The Bits roundtable was created in 1996 to foster the growth and development of secure electronic commerce for the benefit of financial institutions and their customers. Bits is governed by a board of directors comprised of the chairmen and CEOs of many of the largest integrated US financial services companies, as well as representatives of the American Bankers Association and the Independent Community Bankers of America.
Bits Security Lab members are pushing for the development of standards which will create a consistent and appropriate secure architecture for online banking, with interoperability across vendors. Current Bits initiatives address electronic payment issues such as authentication and fraud reduction, wireless transactions, aggregation services, and global technologies and standards.