Zions Bank Teams Up With iLumin Corporation to Complete Totally Online Auto Purchase; Transaction Among First Under New E-SIGN Act
2 October 2000
Zions Bank Teams Up With iLumin Corporation to Complete Totally Online Auto Purchase; Transaction Among First Under New E-SIGN Act
SALT LAKE CITY, Oct. 2 Zions First National Bank
("Zions Bank"), a subsidiary of Zions Bancorporation , teamed up
with iLumin Corporation today to complete one of the first transactions to
take place under the Electronic Signatures in Global and National Commerce Act
(E-SIGN). The E-SIGN Act was signed by President Clinton in June 2000 and
became effective October 1.
Utilizing a Zions Bank-issued digital certificate and iLumin's Digital
Handshake(TM) product, a Zions Bank customer completed an auto purchase
entirely online. In the transaction, the promissory note for the purchase of
the vehicle was signed electronically by the customer. Zions Bank provided
the financing for the vehicle, and the purchase was made at Larry H. Miller
Jeep/Chrysler in Bountiful, Utah. Larry H. Miller is one of the nation's
largest auto dealers.
"We are thrilled to have participated in this historic transaction," said
Scott Anderson, president and chief executive officer of Zions Bank. "As we
begin the move from paper-based transactions to an increased use of the
Internet as a means for transacting business, security is a key factor.
Digital certificates provide this security, and iLumin's Digital Handshake
product combines this security with the automation necessary to take online
transactions from start to finish."
What is a Digital Certificate?
A digital certificate is a form of identification that can be used to
verify a person's identity online. Just as a driver's license and a
handwritten signature are used in the physical world, a digital certificate
can be used online. A digital certificate ensures authenticity, privacy and
accountability in electronic transactions. Digital certificates can also be
used to encrypt and sign e-mail messages and to sign other types of legally
binding documents online.
Currently, Zions Bank is issuing personal digital certificates to its
Internet Banking customers under the American Bankers Association's (ABA)
TrustID certificate program. Zions Bank was the nation's first bank to offer
TrustID digital certificates to its customers. Digital Signature Trust Co.
(DST), a subsidiary of Zions Bank and the first licensed certification
authority (CA) in the United States, provides the certification authority
services for the TrustID certificate program. For more information on digital
certificates visit http://www.digsigtrust.com.
Zions Bank is currently offering two innovative services that utilize
digital certificate technology: MyAlerts and online safe deposit boxes. With
MyAlerts, Zions Bank customers can receive personal data about their account
in an encrypted form via e-mail, and only the individual to whom the message
is sent can access the message. Customers are also able to encrypt important
documents (i.e. wills, trusts, financial records, images, etc.) and securely
place them into an online safe deposit box. Documents can be up-loaded and
retrieved at any time, providing a convenient way to store and backup
sensitive information.
iLumin's Digital Handshake product is the first fully automated technology
solution that enables people to securely and privately complete a legally
binding online transaction from start to finish. Digital Handshake is based
on standards and key enabling and accepted technologies such as digital
signatures.
A privately held company founded in 1996, iLumin Corporation is the first
company to provide an open software system enabling organizations to deliver
automated enforceable online transactions (automated EOLT). iLumin removes
the hassle of doing business by merging automation with enforceability. In
addition to iLumin's Digital Handshake product, other industry firsts using
iLumin's technology include: first start to finish online home purchase, first
deed of trust electronically recorded, first (and only) technology used to
automate entire court filing system, first piece of legislation signed
electronically by Utah's Governor Leavitt. For more information, visit
http://www.ilumin.com.
Zions Bank operates 140 full service branches and more than 200 ATMs in
Utah and Idaho, including 47 supermarket branches. In addition to a wide
range of traditional banking services, Zions offers a comprehensive array of
investment, mortgage, and insurance services, and has a network of loan
origination offices for small businesses nationwide. Through its subsidiary,
Digital Signature Trust, the company is a leader in providing trusted Internet
identity credentials. The company is also a leader in providing electronic
banking services, including electronic municipal bond trading, and is the only
primary government securities dealer headquartered west of the Mississippi
River. Founded in 1873, Zions has been serving the communities of the
Intermountain West for more than 125 years. Investor information is available
at http://www.zionsbancorporation.com.