WISeKey and the OISTE Foundation mobilize public and private sector at the Clinton
Global Initiative (CGI) to assist in the deployment of NETeID, a global Internet
payment system based on digital identification.
New York, September 26th, 2007 As part of its support to the Clinton Global
Initiative starting in New York this week, WISeKey is providing, in cooperation
with the OISTE Foundation, the first results of its commitment to the CGI by launching
the NETeID. The announcement was made today at the CGI Annual Meeting held in New
York on September 26-28. The event coincides with the U.N. General Meeting that
gathers 1,000 leaders from business, NGOs, foundations, academia and government.
"NETeID provides the necessary identity management and transactional platform enabling
a new approach to cash flow management, reducing operational costs, intermediaries
and other sources of losses for aid, remittances and micro-credit initiatives, as
well as increasing the awareness and control capabilities of the funds providers",
said Carlos Moreira, Founder and CEO of WISeKey.
Relying on strong authentication, digital signatures and ID management, the NETeID
system provides a platform handling the funding procedures lifecycles. In the NGO
and AIDS fund scenario, from the user’s perspective, the lifecycle can be represented
by the concept of a “Digital Committed Aid Check” and its different states: requested,
issued, assigned, cashed. Local funds donors, NGOs and governments all play an important
role, in pre-approval, post-control, consolidation, assignment. The system also
allows direct fund transfer from a provider to a requester, with few or no intermediaries,
mostly appropriate when direct trust is established, as in the case of remittances.
This initiative embodies the possibility to expand the use of digital identification
and fund transfers to Less Developed Countries and emerging economies via a network
of Identity Authorities interconnected among them by a Global Interoperable and
acceptable Trust Model, and is based on the work done by WISeKey with International
Organizations such as ITU, OISTE, IOM, and others.
OISTE is working since 1998 with public and private organizations mobilizing them
towards the creation of a global standard on privacy. Privacy is a central issue
in our convergent and ubiquitous world. Countries clearly recognize the inherent
challenge that the present expansion of the Internet, with its invisible, intuitive
and pervasive system of networked computers, holds for current social norms and
values concerning privacy and surveillance.
Privacy is generally considered by the majority of governments and private sector
institutions to be an indispensable ingredient for democratic societies and economic
development. There is no clear standard for privacy as it can be considered as a
new phenomenon and an inherent challenge from ubiquitous computing.
More information:
http://209.254.132.74/viewcommitment.php?id=223407
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http://www.wisekey.com
Contact:
Sophia Boeckh, Corporate Communications Officer
e-mail: sboeckh@wisekey.com Tel: +41-22-594-30-00