SecureKey Technologies has deployed its digital identity network Verified.Me into five Canadian banks.
Canadian customers of CIBC, Desjardins, RBC, Scotiabank and TD can now use the Verified.Me solution to verify themselves online. This will be the first time consumers will be able to officially use the Verified.Me solution, the company said.
BMO Bank of Montreal and National Bank of Canada are also set to release the solution for its customers in the near future. Sun Life Financial has also signed up to be an early adopter of the service and will become the first North American insurer to do so.
The solution is a digital identity and attribute sharing network which aims to offer a holistic identity system to protect consumers and businesses across various industries including insurance and finance.
Built on blockchain technology, the platform lets consumers safely share personal information with participating service providers and removing any need for data to be stored locally at a business. It works by a user able to control which companies it shares its data with, which is shared in real-time and externally from the connected business.
To begin using the service a consumer simply loads up the app and they are asked which financial institution they have an active and existing online banking account with. Following this, they are asked to authenticate themselves through online banking credentials and then confirm the accuracy of their profile information. This data is then stored to their profile and they can begin verifying identity at other companies.
Desjardins head of payments and everyday banking Yann Jodoin said, “The issues with identity today would be impossible to tackle without strong industry collaboration. For us, the digital shift is about more than just technology – it’s a way of offering services designed to meet the needs and expectations of our members and clients.
“It’s an opportunity to make choices that will add value for them – and for society. By taking a network approach with Verified.Me, we provide our members with a stronger control over their information and the ability to use that information where and when they want, with peace of mind thanks to improved privacy and security.”
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