APIR Systems and SecureNet are working together to develop a smart card based digital signing and encryption product for the financial services industry.
It will allow financial services providers to digitally authenticate communications and transactions by using smart cards and will play a key role in the development of online investment applications, the next step in e-commerce for the retail funds management industry.
The APIR certificate is the first initiative to be announced under the Compliance Reference Service Project which is designed to develop an industry-wide online compliance register.
The ACT and federal government have committed more than $1 million to the project to prevent information being lost in the financial services industry with people unable to locate funds.
According to the Australian Prudential Regulatory Authority there were 200,700 separate superannuation funds in Australia managing $415.1 billion in assets which means each working Australian is a member of about three schemes.