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Re: [E-CARM] PKI, CAs, TTPs &c.
there is mapping flow to 8583 (for x9) with only a single signature.
to some extent the old (non-electronic) CC and check flows were
because of non-near-time processing ... so signatures provided
an audit trail intent. in the electronic CC flow ... the financial
institution responsible for executing the client's payment instruction
also validates the client's digital signature. the majority of electronic
checks (say 99+% in terms of dollar value) can execute the same
way.
only a trivial percentage of dollar value transactions would need
to make the convenience trade-off of certificate authentication
(and the exposure of the associated systemic risk) against
passing the payment thru multiple hands. you can even see
the trend in paper against the risks of 3rd party checks by the
number of signs saying 3rd party checks aren't accepted.
When they are accepted ... they frequently take longer to
clear ... waiting on the originating party's financial institution
to authenticate and execute.