Interbank co-operative Swift is to adopt a new security architecture based on the exchange of digital signatures and public key cryptography as part of the migration to the new IP-based messaging network SwiftNet.
The move to a SwiftNet PKI model will replace the current outmoded Bilateral Key Exchange method used to verify correspondents over the existing FIN store and forward network.
The move is expected to simplify the management of relationships over the network as allowable message categories and message types can be specified for each correspondent.
Swift says the aim is to establish a single security model to access all SwiftNet-based services and open up new business opportunities for users.
The Society says it will introduce SwiftNet PKI for FIN users gradually over a pre-defined window, with both security models being active during the transition period. The transition to the new architecture will begin sometime in 2007.
Swift will be discussing SwiftNet phase 2 and the introduction of PKI technology at this year's Sibos conference and exhibition in Atlanta. Interoperability with other PKI systems - and in particular the bank-backed digital trust network Identrus - is likely to be a key debating point.