Canada’s ‘big 5’ banks adopt blockchain to verify customers identities

01 May, 2019
by Joeri Cant
Blockchain
Canada’s ‘big 5’ banks adopt blockchain to verify customers identities

Canada’s ‘big 5’ banks take a big step forward in modernizing identity verification, by introducing a blockchain-based user identification system.

The top banks in Canada, AKA the big 5, announced the official launch of 'Verified.Me', which is a digital verification identity system, designed by Toronto-based SecureKey Technologies Inc.

According to Bloomberg, Verified.Me is now available for customers of the five Canadian banks through a mobile app.

The Canadian banks CIBC, Desjardins, RBC, Scotiabank, and TD will support the blockchain-powered Verified.Me as of today.

The Bank of Montreal and the National Bank of Canada will launch the service somewhere in the nearby future.

Sun Life Financial Inc., a North American insurer has also signed on to the service.

SecureKey Chief Executive Officer Greg Wolfond said he expects the mobile app Verified.Me to be used in a way that will allow customers to prove their identities to access health records, open accounts at banks and telephone companies.

'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.

'They’re going to be able to share their data in a secure and trusted way, which they never really could before.'

'This is quite a significant development', said Rami Thabet, vice president of digital products at Royal Bank.

The VP at Royal bank called the collaboration groundbreaking for Canada.

'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.'

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