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Commercial banks

NationsBank and VeriSign Partner for Secure Electronic Commerce

Strategic Insights

— 1 min read

NationsBank, a leading financial institution, has teamed up with VeriSign, a pioneer in Internet security services, to provide secure electronic commerce solutions over the Internet. This strategic partnership aims to offer a secure environment for NationsBank to conduct large-scale electronic commerce globally, while also ensuring the privacy and security of sensitive financial transactions and information. NationsBank will issue digital certificates under its own brand, leveraging VeriSign's customizable online security solution to focus on core business issues. This collaboration is expected to further enhance NationsBank's position as a leading force in the financial industry.

Key Takeaways:

  • NationsBank has partnered with VeriSign to provide secure electronic commerce solutions over the Internet, ensuring the privacy and security of sensitive financial transactions and information.
  • The partnership will enable NationsBank to issue digital certificates under its own brand, leveraging VeriSign's customizable online security solution.
  • The secure electronic mail feature will enable customers to manage U.S. dollar and foreign currency payments, receipts, treasury, foreign exchange, trade finance, investments, and borrowing.
  • NationsBank will deploy digital certificates for its global, corporate, and investment banking customers in early 1998, with plans to introduce employee certificates later in the year.
  • The digital certificates will be used for electronic employee identification badges, as well as for corporate electronic mail identification to monitor associate health insurance records, 401K plans, and other human resource benefits.
  • This partnership highlights NationsBank's commitment to combining convenience with the highest level of security and privacy in online financial transactions.

Statistics:

  • Approximately $310 billion: Total assets of NationsBank following its acquisition of Barnett Banks on January 9, 1998.
  • 16 states and the District of Columbia: NationsBank's primary retail and commercial banking operations.

Sources:

  • "NationsBank and VeriSign Partner for Secure Electronic Commerce Solutions," PR Newswire, Jan. 12, 1998.
  • "VeriSign Announces the First Integrated Product and Services Solution to Secure Enterprise and E-commerce Applications," PR Newswire.
  • www.nationsbank.com.
  • www.verisign.com.

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