Intesa Sanpaolo is expecting to see a 223% return on investment following implementation of the IdenTrust platform as a global standard for client authentication.
Created in 2007 through the merger of Banca Intesa and San Paolo IMI, Intesa Sanpaolo will use the IdenTrust infrastructure already in place at the pre-merger banks as a consolidated platform for authentication across the enteprise.
Intesa says it will embed the technology into its core banking services, with the aim of driving STP both internally, and externally in its dealings with corporate and SME clients.
IdenTrust provides a legally interoperable infrastructure for validating bank-issued identities worldwide.
US-based analyst group Thoughtware Worldwide conducted an extensive analysis of Intesa Sanpaolo's investment in IdenTrust, which implied a projected internal rate of return (IRR) of 76% over five years, payback within one year and an estimated savings of €4.7 million over five years.
The roll-out initially will focus on financing solutions that require identity credentials as a standard, such as lending, e-invoicing, and contract management, says Silvia Bianchi, head of cash management, Intesa Sanpaolo.
"If we offer a solution that is fully automated and can encourage clients to use an electronic banking platform with digital signatures, we can help to move the market toward great acceptance," she says. "Digital signatures, in turn, are a fundamental requirement for STP."