Five banks in Canada have adopted the blockchain mobile app, Verified.Me digital ID system, for the verification of their customers during transactions.
The Verified.Me digital ID system which was developed by identity and authentication provider, SecureKey Technologies Inc., would enable bank customers prove their identity digitally using the blockchain chain.
This is to ensure their security when banking, says the report by Bloomberg.
The banks who are taking this big move are:
– Royal Bank of Canada
– Bank of Nova Scotia
– Canadian Imperial Bank of Commerce
– Desjardins Group and
– Toronto-Dominion Bank.
The Bank of Montreal and the National Bank of Canada are also expected to adopt the mobile application service soonest.
Financial firm, Insurer Sun Life Financial has also signed up to be part of the service.
According to the Chief Executive Officer of SecuredKey, Greg Wolfond, the Verified.Me app was developed, not just to prove identities for bank records, but also for health records, telecommuncation companies and government services.
“Everything from being able to see your health records in a secure way, being able to open a new bank account, being able to get a new phone – all this stuff that’s so time-consuming and painful is going to get easier for consumers,” Wolfond said.
While adding that: “They’re going to be able to share their data in a secure and trusted way, which they never really could before.”
The Canadian Bankers Association (CBA) has in the past called for a change in the banking sector, away from the normal payment systems and the government stans on the concept of open banking, which would involve letting consumers share their financial data with other companies.
Neil Pamenter, the President and Chief Executive Officer of CBA, also agrees that Canada needs to review its archaic ways of banking and delve into a “federated model” of ID linking systems.
More so, Vice President of Digital Products at Royal Bank, Rami Thabet, believes the partnership is “groundbreaking”, and a great feat for Canada.
He added that, “This is quite a significant development.”
What is quite compelling here is the fundamental unlocking of client value by simplifying the verification of personal information safely, securely and in a streamlined manner,” he added.