SecureKey’s Blockchain Identity Network Adopted By Five Canadian Banks

Blockchain, News | May 2, 2019 By:

Toronto-based technology company SecureKey has announced that five Canadian banks have implemented its digital identity network, Verified.Me.

Verified.Me simplifies the sharing of personal information to help with identity verification in a safe way, allowing consumers to quickly and securely share information with participating service providers, while enabling businesses to achieve more streamlined, effective and cost-efficient client services and onboarding. It uses blockchain technology to securely and privately transfer personal information to trusted network participants, giving users easy access to the services they want, when they want them

According to SecureKey, its digital identity network is now available to clients of the Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Desjardins Group. Canadian customers and members of these financial institutions will be able to use Verified.Me to help verify their identities online with the services they need in a privacy-enhanced and secure way.

“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,” said Greg Wolfond, Founder and CEO, SecureKey Technologies. “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.”

Peter Tilton, Senior Vice President, Digital, RBC, said that the collaboration between industry partners to launch Verified.Me is a testament to their collective focus on the consumer as they strive to bring incremental value to their everyday digital interactions.

“Security and trust are two expectations that consumers have when it comes to their personal information and digital identity,” Tilton said. “Creating seamless and convenient experiences that consumers have come to expect, based on these imperatives of security and trust, are fundamental to meeting their evolving digital needs.”

Verified.Me will soon be available for the Bank of Montreal and the National Bank of Canada. Insurer Sun Life Financial has also signed up to be part of the service.

“The launch of Verified.Me is an exciting step towards making it easier for our clients to do business with us, and ensuring that their access to Sun Life services is safe and secure,” said Mark Saunders, Executive Vice-President and Chief Information Officer, Sun Life. “To be able to bring this to market and provide Canadians with more control over their digital identities speaks to the importance of industry partnerships and collaboration to spark innovation.”