Diversinet and VeriSign are teaming up to provide security solutions aimed at on-line trading, online banking and wireless trading. By combining VeriSigns digital certificate and authentication technology with Diversinets permit authorization system, financial institutions will have a more secure environment. The new system will identify and authenticate the user tapping into the system from a remote location or onsite and allows them to access their user specific privileges. The system is currently available in Research in Motion (RIM) Interactive pagers and is being beta tested at almost 100 sites.
The existing VeriSign product, called VeriSign OnSite, verifies employees I.D.s when they tap into the firms system to trade, using a digital certificate process. The brokerage firm would be able to authenticate the user and identify certain details about the person trading through the certificate. "The digital certificate uses local authentication, in other words it doesnt go back to a network. It is validated on line at the time of use and is not checked against off line lists which depend on another party to update and verify," says Nagy Moustafa, president and CEO of Diversinet. He adds that the small size of the certificate is important for trading using wireless devices.
The recent integration with VeriSign extends the system to include Diversinets Passport Authorization Server. With this technology firms can issue holders of digital certificates digital permits, which allows users certain privileges or access to certain applications. "These permits allow the holder to do, say, up to ten trades per day, or gives them access to a certain number of research reports," says Moustafa, noting that the parameters are set up by the firm. He adds that a user could also be granted discount coupons for on line shopping, for example.
"We signed the deal with VeriSign because they are already the leader in the Web market, they have certificates embedded in all of the browsers," says Moustafa. Moustafa adds that Diversinet is looking into installing the Passport Authorization Server in Palm Pilot and Windows CE devices in the future. For now, the system is live only on the RIM two-way pagers, equipped to do wireless trading, online banking, access stock information and market data.