The Office of the Comptroller of the Currency will allow The Digital Signature Trust Company to become the first bank subsidiary in the nation authorized to certify digital signatures.
The DST is a subsidiary of Zions Bank in Salt Lake City.
'Certification authority brings the role of verifying signatures and the identity of the signer into today's environment of electronic commerce,' said Scott Lowry, president and CEO of DST
'(The digital signature) has significant potential,' said Dan Buchanan, senior vice president of Data Processing Administration at Zions' Data Services. 'It's the best way to authenticate.'
Digital signature software allows people to generate 'key pairs.' Software is already available on the market. A charge also accompanies the use of the signatures. Some charges are based on transaction fees and others are based on flat monthly rates
The cost of the software itself varies. The approximate cost (as given by the chamber of commerce) is $150. Software must be owned by both the sender and the receiver in order to work. People who buy the digital software need to register with the DST. The registration with DST involves the 'key pairs' and a certificate. The certificate is generally valid for one year.
One key is for the person's signature. It is known only to the registered person. The other key is used to verify the document. If the message has been altered in any way, the document will not be verified.
Buchanan said the digital signature has already been used to eliminate faxes, which he says are not very secure.
Buchanan also says Zions is looking at a variety of new applications.
'We're starting with the court filing system,' Buchanan said. 'The filing will all be automated, instead of having couriers.'
In November of 1997, Governor Leavitt became the first person in Utah to use the new digital signature.