Swift adds secure PKI to global banking network

Global financial network operator, Swift (the Society for Worldwide Interbank Communications) is launching a Public Key Infrastructure-based (PKI) communications service for 7,000 banks worldwide.

The company - set up by the world's major banks in the 1970s to enable them to transfer funds - will use its status as a trusted central communicator to link up to 7,000 banks around the globe. Members of the network will be able to transfer files, documents and data over Swift's existing IP-based global network.

Security specialist, Entrust Technologies, is providing the encryption software behind the service. Colin Wyatt, VP EMEA at Entrust, said PKI is increasing coming to the fore. "PKI is the only mechanism by which secure electronic transmissions can occur," he claimed.

Swift will mange the service, acting as a central certificate authority. According to Carlo Schupp, e-trust and security products senior manager at Swift, every member will get a SwiftNet link - a bundle of software products in a browser or gateway package, which will give the bank a window into Swift's IP-based secure services.

Martin Brampton, consultancy director at Bloor Research, said choosing PKI was the logical move. "There is increasingly a concern about security and the accepted solution is PKI and digital certification.

But Brampton added: "Although it is the standard approach, not many companies have implemented it yet. The financial sector ought to be the leaders."

Geoff Moss, director of wholesale banking at consultants, DMR Europe, said the banks which own Swift are trying to widen the number of corporate clients able to connect to the network. "The launch of Bolero.net last week has suddenly allowed non-banks onto the network for the first time. The PKI infrastructure is there so people can communicate security.

"This move is what is required. It is for the benefit of Swift's owners. They are broadening the network to include corporate customers and offer secure services through the Internet."