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With electronic commerce now ubiquitous, the security and safety of transacting over the Internet has become a top concern. Where transactions are no longer face to face, identifying with certainty who is on the other end of the transaction is critical. So-called high-assurance identity management solutions, which reflect a convergence of technology and governance policies and process, will allow companies to securely manage the access to and exchange of electronic information, and the online signing of legally binding contracts.

Beyond the regulatory reasons driving improvements in Internet banking security, banks are also uniquely positioned to play a critical role in the broader identity management arena. Implementing "Know Your Customer" processes, establishing trust between parties and managing risk are core banking competencies as well as critical elements to the high-assurance component of digital identity management.