First Union Corp and Open Market Inc are developing what they claim will be a secure Web site for electronic banking called First Union CommunityCommerce. The system is being geared towards home banking and home shopping. Open Market, which specialises in secure systems for electronic trade, has developed an Integrated Commerce Environment for First Union. It is designed to connect credit card payment systems, such as Visa and Mastercard to clearing houses to enable electronic funds transfer and access to account stratements from customers’ own personal computers. The company is using public key encryption to secure credit card transactions and secure HTTP Protocol to secure the back-end systems.
