IdenTrust Inc. plans to help RightPath Payments Inc. of Providence, R.I., enhance the identity authentication capabilities of its Web-based system for business-to-business payments.
RightPath said its Business Payment Connection system links commercial lenders with borrowers and their vendors to monitor credit transactions. The system speeds up vendors' cash flow while extending borrowers' payment terms by providing online access to information on orders and contracts, the vendor said.
IdenTrust, which provides identity authentication systems for banks, was formed in 1999 by several financial institutions including Citigroup Inc., ABN Amro Holding NV, and Bankers Trust Corp. (which Deutsche Bank AG later acquired).
Andrea Klein, IdenTrust's chief marketing officer, said in a press release last week that many parts of trade credit transactions are still paper-based.
The partnership between IdenTrust and RightPath would help migrate business-to-business transactions to electronic form by allowing all parties in the supply chain to be authenticated "through the end-to-end process," she said. "This enables both buyers and sellers to have a complete audit trail with individual accountability at each stage."
