New technology that enables secure digital verification of customer identities has been adopted by some of Canada’s largest financial institutions.
In what will undoubtedly enable financial transactions including mortgage applications to be achieved faster and more securely, the adoption of the Verified.Me system is set to be gamechanger.
The network is built on the secure blockchain technology that is paving the way for innovations across multiple industries.
Consumers of CIBC, Desjardins, RBC, Scotiabank and TD across Canada are now able to use Verified.Me to help verify their identities online with the services they need in a privacy-enhanced and secure way.
Sun Life is also on board as the first North American insurer to adopt the tech and BMO Bank of Montreal and National Bank of Canada are to launch soon.
“As Canadians increasingly turn to digital channels, it’s important to continue to develop solutions that create a more seamless way for Canadians to get access to the products and services they need,” said Brett Pitts, Chief Digital Officer, BMO Financial Group. “With Verified.Me, Canadians can now have an easier and more secure way to share their personal information, and it puts them in control to share that information when and how they want.”
Enduring challenge of digital identity
The solution has been developed by SecureKey Technologies Inc. in collaboration with financial institutions and the firm’s founder and CEO Greg Wolfond says it marks a milestone and shows how collaboration can bring industry innovation.
“Digital identity is one of the most enduring challenges of our time and having the opportunity to showcase how a network of cross-industry organizations can come together to build a solution by and for consumers
is an honour. We are excited to bring this first-of-its-kind network to market and look forward to its expansion as new participants join our service,” he said.