Banking News

Canadian banks RBC, CIBC, TD launch blockchain identity with SecureKey

identity

Today SecureKey Technologies launched the Verified.Me digital identity network for consumers of CIBC, Desjardins, RBC, Scotiabank and TD across Canada. From today bank customers can use the mobile app to verify their identities online, with BMO Bank of Montreal and National Bank of Canada to launch soon.

Verified.Me is a digital identity and “attribute sharing” network. In other words, it enables users who have been verified in person by their bank or phone company to share the data with other banks or insurance companies, if they provide their permission. The aim is to speed up identity checks without the need to visit banks in person. From the perspective of the financial services companies, it makes onboarding faster with less friction.

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

“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,” said Brett Pitts, Chief Digital Officer, BMO Financial Group. “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.”

The Verfied.Me network was developed with IBM and is built on top of the IBM Blockchain Platform based on Hyperledger Fabric1.2 and will be interoperable with Hyperledger Indy projects. Indy is the open source self-sovereign identity framework which underpins the Sovrin network.

Other partners in the Verified.me project include Sun Life Financial, Equifax and Gemalto.

In October 2016 at the start of the project BMO, CIBC, Desjardins, RBC, Scotiabank and TD invested CA$ 27 million in SecureKey as part of a Series D round.

It’s been more than a year since CULedger which supports U.S. credit unions launched its MyCUID customer identity system based on Sovrin. The network is used to ensure the authenticity of the data and for the user to control the sharing. More recently CULedger announced it’s working with IBM to adopt Hyperledger Fabric for Know Your Customer. Fabric will be used as an immutable log.