Citi announced the launch of its digital identity solution - Citi
Managed Identity Services.
The offering from Citi's Global Transaction Services business enables
Citi clients to use digital identity and signature technologies to
manage the exchange of electronic information in digital commerce and
business critical transactions.
The expansion of electronic commerce and globalization of supply chains
is driving companies to streamline their business processes and move to
a paperless environment without compromising security, confidentiality,
compliance, and integrity of transactions. Citi said its Managed
Identity Services provides clients the requisite security and assurance
framework to confidently transact business. As part of the solution,
Citi issues digital identities that can be used in a number of ways
including authenticating end users to applications, encrypting and
locking down data, and replacing "wet ink" with digital signatures,
without compromising legal enforceability.
"Our product vision is addressing the critical business problems faced
by our clients today," says Paul Galant, CEO of Global Transaction
Services at Citi. "Coupling the strength and value of our higher
identity assurance processes backed by bank-grade service reliability
with value-added services, allows us to provide complete solutions that
create greater efficiencies for our clients."
"Banks are uniquely qualified to offer high assurance identity
management services to corporate clients," said Susan Feinberg,
Research Director for Wholesale Banking at TowerGroup. "Marrying the
traditional business of authenticating and standing behind customers
with advanced solutions provided by key technology partners is the best
way to assure that the banking industry is positioned to meet the
emerging needs of its clients to conduct secure B2B ecommerce on a
global basis. "
Since its inception, Citi Managed Identity Services has received a
FutureNow Innovation Award from Bank Technology News, a Banker
Technology Award for Secure Authorization Services from The Banker, as
well as being named a Model Bank by Celent, an international strategy
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