The founders of Webline have set up a new business aiming to develop a secure email system for online transactions.
Mailock, established by Webline chairman Paul Holland and the firm’s directors, has the full backing of Webline parent Capita. The software is designed to enable secure, straight-through processing.
Holland says: “We have been looking at various options to build a secure email to replace the post. Despite so much focus on trying to push for electronic business, when it comes to the point at which they receive their new business transaction, it is all done through paper.”
The software is set to be tested in a pilot scheme with several insurance companies.
Holland says: “We have got to find a way of dealing with encryption and authentication of individuals on services. Such a system ensures you target the end-user. Most ID passwords are machine-focused not individual-focused. This is key in cases where other people might end up using your system. There is so much data that needs to be protected.”
Financial Technology Research Centre director Ian McKenna says: “If someone came up with a genuinely secure email system for this industry it would be a godsend.”