Decentralized digital ID suite Oliu launched by ATB Ventures for Canadian enterprises
The Oliu suite addresses basic digital identity needs like verification and authentication, according to the announcement, but can also help with more advanced challenges.
“For organisations of any size, Oliu improves risk and fraud management while offering greater protection of customer data against cyber attacks,” says ATB Ventures Managing Director for Product and IP Chandra Rink. “In addition, the solutions greatly enhance customer experiences through streamlined onboarding and KYC (Know Your Customer) processes.”
The organization notes the need for businesses to update their approach to privacy in the context of increasing global privacy regulation and consumer demands for greater transparency.
The Oliu suite is anchored in the Pan-Canadian Trust Framework, ATB Ventures says, with a decentralized digital identity architecture that avoids a single point of system-wide attack hackers can target.
“For the past two years, we’ve been working with consumers, public, and private sectors to design a trusted identity system that can easily issue credentials and authenticate personal identity,” comments Sue McGill, SVP, ATB Ventures. “Building, implementing, and driving widespread adoption of a secure, digital ID solution at scale is complex and requires input from all participants. It is through our collaborations that we are able to bring Oliu to market to help accelerate Canada’s evolution towards a more equitable, inclusive, and advanced digital society.”
Canada is working towards a national digital identity system, in which select IDs could used for interactions with the government, and ATB Ventures has worked with the government on a proof of concept.