Tech Bytes: Verisign Marketing OFX Security System

Verisign Inc. said it has begun marketing a system for authenticating transactions under the Open Financial Exchange, or OFX, protocol.

OFX is the home banking technical standard supported by Checkfree Corp., Intuit Inc., and Microsoft Corp.

Verisign said its Financial Server ID, which makes use of digital certificates, has been tested by 15 companies including E-Trade Group, Waterhouse Securities, and Checkfree. The system verifies that parties to an on-line transaction are who they claim to be.

"This is looking after the safety and security of the consumer," said Greg S. Smiron, group product manager at Verisign. The product is an example of "specialization of digital identification technology" for Internet financial transactions.

Jim Voos, senior manager of Open Financial Exchange for Intuit Inc., said, "By offering this additional measure of confidence, financial institutions can help accelerate adoption of on-line financial services among their customers."

Prices for the Financial Server ID begin at $995 for U.S. companies.