VeriSign Signs Agreement with Sonera SmartTrust to Enable GSM Phones With Digital Certificate Technology for Trusted, Wireless E-Commerce
Financial Institutions and Others to Benefit from Integration of VeriSign Wireless Trust Services and SmartTrust Wireless PKI Technology
SAN JOSE, Calif., RSA Conference, Jan. 17 /PRNewswire/ -- VeriSign, Inc., the leading provider of Internet trust services, today announced the signing of a letter of intent with Sonera SmartTrust, the leading provider of security solutions for wireless e-commerce based on public key infrastructure (PKI), to integrate VeriSign's new wireless trust services into mobile phones with Sonera's leading wireless PKI technology. The joint solution will provide mobile service providers, banks, brokerages and other institutions with the ability to deliver strongly authenticated and non-reputable transactions over wireless networks. SmartTrust has named VeriSign as one of its global PKI partners.
''Online banks, brokerages, healthcare, and telecommunications providers are gearing up to deploy the next generation of e-commerce applications over wireless networks,'' said Anil Pereira, vice president of VeriSign's Internet services group. ''Through our partnership with Sonera SmartTrust we are able to provide a best-of-breed solution which marries the power of smart phones with the scalability and flexibility of our managed certificate services for the wireless world.''
Sonera SmartTrust is the first company in the world to embed PKI security functionality into the SIM card of a mobile phone and is committed to developing and implementing flexible and interoperable systems for secure banking, brokerage and other high-value applications based on their technology and VeriSign's leading wireless trust services. Through this joint solution, mobile operators will be able to offer their customers a whole new set of secure wireless e-commerce solutions, backed by strong authentication, encryption and non-repudiable digital signatures. The SmartTrust-VeriSign solution allows mobile providers to issue digital certificates stored on directories to mobile subscribers whose private keys are stored on advanced SIM cards. Digital certificates are electronic credentials used to identify parties on the Internet and enable secure, verifiable electronic transactions and communications.
''The wireless e-commerce business model requires legally binding, completely private, encrypted and secure transactions between all parties,'' said Mr. Harri Vatanen, CEO and President of Sonera SmartTrust Ltd. ''Working with VeriSign we will offer solutions for services such as secure banking, stock trading, and other transactions with the required level of trust and assurance.''
VeriSign and Sonera SmartTrust will provide an open security infrastructure, giving service providers a platform to build a wide range of services quickly. By implementing this solution, these service providers are able to launch new services, differentiate their offerings, increase their visibility, and attract the best customers and partners.
Analysts predict explosive growth for the mobile device market in the next few years, with most predicting 1 billion mobile phones in use within the next three to four years. According to Gartner Group, mobile phones are expected to be the most common client device worldwide by 2005. In July, Ovum reported that smart phones and data-centric terminals will account for as much as two thirds of the estimated $67 billion handset market in 2004. These devices, merging voice and data capabilities in an accessible and easy-to-use handset, provide the ideal platform for delivering high-value wireless services for mass consumer use.
About VeriSign
VeriSign, Inc. (Nasdaq: VRSN) is the leading provider of Internet trust services -- including authentication, validation and payment -- needed by Web sites, enterprises and e-commerce service providers to conduct trusted and secure electronic commerce and communications over IP networks. VeriSign's trust services for Web sites, developers and individuals are available through www.verisign.com and through a growing number of ISPs and Web hosting companies. The company's digital certificate services for enterprises and electronic commerce service providers are available through regional account representatives, resellers, and global affiliates.
About Sonera SmartTrust
Sonera SmartTrust Ltd., a wholly owned subsidiary of Sonera, is a global leader in wireless e-commerce services and solutions based on Public Key Infrastructure (PKI). More information on Sonera SmartTrust can be found at http:/www.smarttrust.com.
About Sonera
Sonera is an international forerunner in mobile, data and media communications, with subsidiaries and associated companies in 14 countries. Sonera is listed both on Helsinki Exchanges (SRA) and on Nasdaq (SNRA). Sonera's vision is to become one of the world's leading mobile-based communications operators providing mobile communications services to which a large selection of content and transaction services are connected. In 1998, Sonera's revenues amounted to USD 1.9 billion and the profit before extraordinary items and taxes was USD 404 million. Information about Sonera can be found on the Internet at
This press release contains forward-looking statements, including but not limited to VeriSign's and Sonera SmartTrust's ability to integrate VeriSign's new wireless trust services into mobile phones with Sonera's technology and to achieve the other beneficial synergies described above and the future of the mobile device market.
SOURCE: VeriSign, Inc.
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