WISeKey and the OISTE Foundation mobilize public and private sector at the Clinton Global Initiative (CGI) to assist in the deployment of NETeID, a global Internet payment system based on digital identification
New York, September 26th, 2007 – As part of its support to the Clinton Global Initiative starting in New York this week, WISeKey is providing, in cooperation with the OISTE Foundation, the first results of its commitment to the CGI by launching the NETeID. The announcement was made today at the CGI Annual Meeting held in New York on September 26-28. The event coincides with the U.N. General Meeting that gathers 1,000 leaders from business, NGOs, foundations, academia and government.
“NETeID provides the necessary identity management and transactional platform enabling a new approach to cash flow management, reducing operational costs, intermediaries and other sources of losses for aid, remittances and micro-credit initiatives, as well as increasing the awareness and control capabilities of the funds providers”, said Carlos Moreira, Founder and CEO of WISeKey.
Relying on strong authentication, digital signatures and ID management, the NETeID system provides a platform handling the funding procedures lifecycles. In the NGO and AIDS fund scenario, from the user’s perspective, the lifecycle can be represented by the concept of a “Digital Committed Aid Check” and its different states: requested, issued, assigned, cashed. Local funds donors, NGOs and governments all play an important role, in pre-approval, post-control, consolidation, assignment. The system also allows direct fund transfer from a provider to a requester, with few or no intermediaries, mostly appropriate when direct trust is established, as in the case of remittances.
This initiative embodies the possibility to expand the use of digital identification and fund transfers to Less Developed Countries and emerging economies via a network of Identity Authorities interconnected among them by a Global Interoperable and acceptable Trust Model, and is based on the work done by WISeKey with International Organizations such as ITU, OISTE, IOM, and others.
OISTE is working since 1998 with public and private organizations mobilizing them towards the creation of a global standard on privacy. Privacy is a central issue in our convergent and ubiquitous world. Countries clearly recognize the inherent challenge that the present expansion of the Internet, with its invisible, intuitive and pervasive system of networked computers, holds for current social norms and values concerning privacy and surveillance.
Privacy is generally considered by the majority of governments and private sector institutions to be an indispensable ingredient for democratic societies and economic development. There is no clear standard for privacy as it can be considered as a new phenomenon and an inherent challenge from ubiquitous computing.
Sophia Boeckh, Corporate Communications Officer
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