The Bermuda Government has paved the way for a local company to be recognised in the United Kingdom and European Community as a provider of electronic transaction security and online identity authentication.

Minister of E-Commerce Michael Scott completed the arrangement yesterday with tScheme, an independent authority that oversees trust service providers in the UK and EC. A tScheme accreditation assures persons using online services that their provider meets robust ?best practice? criteria for electronic trust and security. It also provides certain important legal benefits for electronic transactions.

Bermuda has similar standards known as the Certification Service Provider (CSP) accreditation. The new agreement means that Bermuda CSPs may now seek equivalent accreditations in the UK and EC more easily.

QuoVadis is currently the only local CSP. Its vice president of development Stephen Davidson told that the arrangement will lend substance to Bermuda?s e-business aspirations and goals.

?It is a positive step for Bermuda. Often people expect e-commerce to be all about marketing, when in fact one of the best things Government can do to encourage growth of solid e-business in Bermuda is to make sure we have the appropriate policies, regulations, and intergovernmental relationships in place.?

Mr. Davidson says that having recognition overseas as an online trust provider will facilitate further overseas expansion by his company.

?It shows that our Bermuda regulations meet the highest international standards and so when we go to speak with regulators in other countries we?re on the same page,? he said. ?This type of initiative is important for companies like QuoVadis because our client base is all around the world and it is key for us to say we meet the legal standards in Bermuda, in Europe, or wherever our clients or their customers may be.?

In a Press release issued yesterday, Mr. Scott said: ?The provision of secure e-business capabilities is a key component of the island?s continued growth as an international -business jurisdiction, and the Government is committed to evolving Bermuda?s legislative frameworks to meet international standards, so that Bermuda based companies may compete globally.?

Stephen Upton, chief executive of tScheme was quoted in the same Press release. He said: ?Both e-government and e-business communities need to have confidence in using the Internet for secure transactions. Use of tScheme-approved service to support these transactions provides assurance that the service provider has management systems in place to ensure the appropriate level of service reliability. tScheme?s growing international recognition as a source of independent mutual assurance will also build greater confidence and increase user take-up of online services.?