alterna, Cisco Systems, and Bank of America Pursue Joint Effort Using Open Standards
alterna Technologies Group Inc. announced that it will participate with Cisco Systems, Inc. and Bank of America in a joint initiative using common open standards of Internet-based connectivity. The objective of the initiative is to improve the communication of key financial information between banks and their corporate clients through open standards, the use of Auros, and the Internet. The first phase of the project focuses on the communication of balance and transaction reporting and the transmission of payment information. Communication occurs over the Internet using EDIFACT and X.12 standards and non-proprietary security and authentication mechanisms. Other open standards will also be evaluated and implemented as appropriate.