As part of a Massachusetts automation initiative, the state banking regulator is testing a system on which financial institutions transmit interest rate listings over the Internet.
The Division of Banks recently announced a yearlong pilot involving the issuance of GTE Cybertrust digital certificates to 200 banks, credit unions, and mortgage lenders. The certificates assure that weekly rate postings via the state Web site are authentic and have not been tampered with. Disclosures posted before effective dates stay private until it is appropriate to release them.
The GTE Corp. unit in Needham, which is also active in implementing the MasterCard-Visa Secure Electronic Transactions protocol for Internet payments, will be the certification authority.
"Like businesses, government organizations need applications that enable the safe exchange of meaningful information over the Internet," said GTE vice president Tom Carty. "Digital certificates will allow the public sector to dramatically expand the range of services offered on-line while maintaining appropriate levels of privacy and security."