SecureKey launches federated digital ID product for Canadian bank customers
Federated identity and authentication company SecureKey Technologies has launched its digital identity network, Verified.Me, to provide customers of Canadian financial institutions with a privacy-enhanced and secure way to verify their identities online.
Verified.Me is now available for customers of CIBC, Desjardins, RBC, Scotiabank and TD, with BMO Bank of Montreal and National Bank of Canada expected to launch soon. Most of those financial institutions are also financial backers of SecureKey, after a 2016 funding round. Sun Life Financial has also signed on as the first North American insurer to use the service, according to the announcement.
The digital identity and attribute-sharing network brings together the capabilities of numerous stakeholders from the financial services, telecommunications, and insurance industries to create a wholistic approach to digital identity to protect both consumers and businesses. Verfied.Me is built on top of the IBM Blockchain Platform and the Linux Foundation’s open source Hyperledger Fabric v1.2, and simplifies the safe sharing of personal information for streamlined, cost-effective client services and onboarding.
“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,” says SecureKey Technologies Founder and CEO Greg Wolfond. “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.”
“Verified.Me has been a combined effort of several network participants’ dedication, openness and innovative thinking,” comments Katie Greenberg, VP of digital products and retail payments for Scotiabank. “We are entering a new era in which Canadians can clearly and confidently assert when, why and with whom their digital identity assets are shared. We are eager to offer this solution to our customers and look forward to setting the gold standard of digital identity worldwide.”
The Canadian Bankers Association (CBA) called for the adoption of a federated digital ID model and the use of advanced technologies like biometrics earlier this year.
Other participants and innovation partners helping bring Verified.Me to market include the Digital ID and Authentication Council of Canada (DIACC), the U.S. Department of Homeland Security Science and Technology Directorate (DHS S&T), Global Privacy and Security by Design, EnStream, Equifax, IBM, and Prodigy Labs. Verified.Me is available for Android and iOS.