Zions First National Bank Receives Approval to Establish Digital Certification Authority

Strategic Insights -

Zions First National Bank has made a groundbreaking move in the financial industry by receiving approval from the Office of the Comptroller of the Currency (OCC) to establish an operating subsidiary, Digital Signature Trust Company (DST), that will act as a certification authority and repository for certificates used to verify digital signatures. This approval marks a significant milestone for the banking industry, as DST will be the first bank subsidiary in the nation to have approval from the OCC to act as a certification authority.

Key Takeaways:

  • The OCC has approved Zions First National Bank's application to establish Digital Signature Trust Company (DST) as a certification authority and repository for certificates used to verify digital signatures.
  • DST will issue, store, and verify digital certificates that are used in the digital "signing" of electronic documents and transactions, providing electronic authentication and ensuring the integrity of electronic transactions.
  • Banking industry leaders praise the OCC's approval, citing the potential benefits to the banking industry of entering the certification authority business, including enhanced customer confidence in electronic banking and improved security and privacy for electronic commerce users.
  • The approval of DST's certification authority status sets a new standard for the banking industry, establishing high standards for safety, security, and privacy in electronic commerce.
  • Electronic commerce users seek assurance that electronic-based transactions are free from legal ambiguities and tampering, and digital signatures provide that extra level of trust.

Statistics:

  • According to Elliott McEntee, president and chief executive officer of NACHA, the National Automated Clearing House Association has been studying the potential benefits to the banking industry of entering the certification authority business for several years.
  • Digital Signature Trust Company will be a subsidiary of Zions First National Bank, the largest subsidiary of Zions Bancorporation, which operates full-service banking offices in Arizona, California, Colorado, Idaho, Nevada, New Mexico, and Utah.
  • Zions Bancorporation's common shares are traded on The Nasdaq Stock Market under the symbol "ZION".

Sources:

  • Zions First National Bank
  • Office of the Comptroller of the Currency (OCC)
  • NACHA (National Automated Clearing House Association)
  • Banking Industry Technology Secretariat (BITS)
  • American Bankers Association (ABA)
  • The Nasdaq Stock Market
  • Zions Bancorporation's website: http://www.zionsbank.com/
  • Digital Signature Trust Company's website: http://www.digsigtrust.com/