SecureKey Technologies announced this week that it’s blockchain-powered Verified.Me digital identity network is now being used for identity verification at five Canadian banks. The company revealed that CIBC, Desjardins, RBC, Scotiabank and TD are all using the system to allow customers to verify their identities online in a “privacy-enhanced and secure way.”
According to the announcement, the blockchain technology used in the system simplifies identity verification and offers a secure and streamlined way for consumers to share private personal information with service providers. It also offers the participating banks a more cost-efficient way to achieve identity verification goals and onboard new clients.
SecureKey Technologies CEO Greg Wolfond said:
“This announcement marks the first time that consumers are officially able to access the Verified.Me application and gain greater control over their digital identities. 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.”
The announcement also noted that Sun Life Financial Inc. has committed to use the service, making it the first insurer in North America to choose Verified.Me. In addition, two other Canadian banks – BMO Bank of Montreal and National Bank of Canada are expected to adopt the SecureKey digital identity verification system soon.