The Canadian Bankers Association (CBA) is a reportedly urging the country to increase adoption of blockchain and biometrics in order to boost digital identification capabilities.
This request was made by the CBA CEO Neil Parmenter as these types of technology are needed for banking space to meet its full potential, a number of reports in the media state.
In a speech he allegedly called for new identity verification solutions like document reviews via video, blockchain, biometrics or other technologies. The reasoning for this move would be to provide more secure and accurate verification than possible with human interactions.
In addition to using these new methods, the CBA said it should be implemented in a federated model which connects federal and provincial systems. This would improve electronic-based ID solutions.
The Canadian Bankers Association is a cohort of over 60 domestic and foreign banks operating within Canada. It works to give governments a centralised contact for all banks on matters regarding banking in the country.
It also looks to help improve the banking environment for the public and promote financial literacy so they can make more informed financial decisions.
Late last year, the Canadian Government established an advisory committee on open banking. The group is exploring the potentials and pitfalls of a regime which would empower consumers to share their financial data with third-parties.
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