News

Canadian banks tap into blockchain tech for secure ID

May 3, 2019

Verified.Me, the digital identity network of authentication solutions provider SecureKey Technologies Inc., is now available for customers of Canadian banks, including CIBC, Desjardins, RBC, Scotiabank and TD, according to a company release. Additional launches by BMO Bank of Montreal and National Bank of Canada are expected to follow soon.

Verified.Me is a digital identity and attribute-sharing network built on top of the IBM Blockchain Platform, according to the release. The platform is based on Linux Foundation open source Hyperledger Fabric v1.2, and simplifies the sharing of personal information to help with identity verification in a safe way.

"Verified.Me uses blockchain technology to make the online identification process faster, more private and more secure for consumers," said Lionel Pimpin, senior vice president of digital channels at National Bank of Canada. "This solution aligns perfectly with National Bank's commitment to providing a simple and unified digital experience."

"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," Brett Pitts, chief digital officer at BMO Financial Group, said in the release. "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."

Along with major financial institutions, a number of key digital identity network participants and innovation partners have helped to bring Verified.Me to market in Canada, including the Digital ID and Authentication Council of Canada, the U.S. Department of Homeland Security Science and Technology Directorate, Global Privacy and Security by Design, EnStream, Equifax, IBM and Prodigy Labs.