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. Digital Identity has become the lynchpin in electronic workflows, helping firms know who is on the other end of the transaction, creating legally binding transactions, while ensuring the integrity of those transactions to satisfy regulatory and audit requirements.
Citi's Global Transaction Services has been leveraging high assurance digital identity as an enabler to re-engineer traditional banking services, ranging from bank account management, to secure payment transaction processes. Identity-enabled banking will revolutionize the industry and change processes that have not significantly changed in over 100 years. These changes not only increase security, and mitigate risks inherent in the process, but take advantage of new technology to provide a simplified user experience and provide unprecedented levels of control and visibility.
New services, such as federated identity issuance, non-repudiable digital signatures, paperless contracts, electronic vaulting and new levels of interoperability across banks and organizations will bring increased value and differentiation into the financial supply chain.