Five Canadian banks will use the blockchain-based user identification system developed by the startup SecureKey Technologies.
The Verified.Me digital identification system will now be available to customers of Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Desjardins Group. In addition, it is reported that soon the service will also be available to users of the services provided by Bank of Montreal and National Bank of Canada, and Sun Life Financial will become the first North American insurer using this system.
SecureKey CEO Greg Wolf (Greg Wolfond) said that consumers will use the service to verify their identity and open bank accounts, as well as access to government services by the end of 2019.
“They will be able to share their data in a safe and secure way previously unavailable to customers,” said Wolfon.
The introduction of a new identification system is part of the transition to the concept of open banking services, initiated by the Canadian Bankers Association. The fact that US credit agencies are testing the Canadian identification network on the SecureKey blockchain became known in 2017.