Tech startup SecureKey Technologies’s blockchain-based user identification system, Verified.Me digital identity system will be employed by five Canadian banks, as per the reports by Bloomberg on May 1.
The report stated that the Verified.Me digital identity system 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. Soon it will also be incorporated by the Bank of Montreal and National Bank of Canada as well, while Sun Life Financial will reportedly be the first North American insurer to use the system.
SecureKey CEO Greg Wolfond is quoted by the publishing, stating that he expects the service to be used by consumers to prove their identity to access and open bank accounts, as well as government services, by the end of 2019. He noted:
“They’re going to be able to share their data in a secure and trusted way, which they never really could before.”
Reportedly, the adoption of this new identification system is part of a shift towards open banking, allowing consumers to share their financial data with other companies called for by the Canadian Bankers Association.