A new nonprofit organisation called Global Trust Authority (GTA) has been created to act as an oversight and certification agency for electronic commerce at an international level.
GTA, which will work as a certification authority, has the backing of more than 800 banks and financial institutions from several European countries, including Belgium, France, Italy, Portugal, Ireland, Spain, Switzerland, Holland and the UK, as well as Canada and Japan. The US has not joined the initiative so far.
The authority will have its headquarters in Belgium and will work to certify the identities of merchants and buyers that complete transactions via the internet. Both merchants and buyers will get a digital certificate that will be issued by GTA and distributed by the various banks that are backing the initiative.