Omicronn demos multi-signature support in SwiftNet solution
14 October 2004 | 1201 views | 0
At Sibos 2004, SWIFT's annual forum, Omicronn features the implementation of the "double signature" for Corporate users using the SWIFT PKI. Trax Corporate SWIFT Station is the first software solution that is able to support the specific needs of Banks and Corporates for multiple electronic signatures on SWIFTNet FileAct.
A number of corporate users of payment infrastructure require payment initiations, sent to their banks, being signed twice or even more. These requirements with respect to mandates or plain legal authorization for cash transfers are often tough to implement on top of existing, multi-bank interfaces. This includes SWIFTNet used by corporations in an MA-CUG context.
Trax has now solved this problem. Based on SWIFT's PKI facilities already available in SWIFTNet Link, Trax can duly sign, and if necessary, encrypt all the messages through the use of FileAct. By way of a tight integration, Trax can even do so by using smartcard technology, allowing for the hyper secure signing, encryption and transfer of payment instructions.
On the banking side Trax can validate the signed messages, and if relevant, verify signatures against mandates. This allows Trax to be the add-on on existing SWIFTNet infra¬structure, enabling for waterproof end-to-end security, from payment initiation up to payment execution.
Hans Cobben, Managing Partner at Omicronn comments, "Omicronn has implemented the "double signature" functionality in tight cooperation with SWIFT. This demonstrates Omicronn's commitment to developing solutions that integrate efficiently within a SWIFT environment. Trax can be used by corporate users as well as by financial institutions for in-and outbound processing. I am convinced that tackling these legal issues will substantially boost the use of FileAct by Corporates."