Two Canadian fintechs have struck a deal this week. Funds community and digital ID supplier Interac has agreed to accumulate rights to digital ID and authentication supplier SecureKey’s digital ID companies for Canada.
Interac, which is constructing a community to assist Canadians digitally share and confirm their identification credentials, will leverage SecureKey’s digital ID companies, together with its operations, know-how, and innovation. In the end, Interac seeks to speed up safe on-line service supply and supply robust privateness and fraud protections for the digital economic system in Canada.
“At Interac, we consider that digital ID is the important thing to empowering all Canadians to take part equally and safely in the way forward for the digital economic system,” stated Interac CEO Mark O’Connell. “By way of this acquisition, we’re proud to extend our funding in main identification and authentication capabilities as we work to assist companies and governments throughout Canada in delivering safe and handy digital ID experiences for Canadians.”
Each firms will proceed to function as separate entities. Interac will implement Verified.Me, a digital ID verification community constructed on distributed ledger know-how, and Authorities Signal-In by Verified.Me, a safe sign-in device to entry 280+ authorities companies.
“Because the pandemic has made abundantly clear, the best way Canadians use their identification paperwork and the way they prioritize accessing companies digitally has modified endlessly,” stated Chief Officer of Innovation Labs & New Ventures at Interac Debbie Gamble. “The necessity to speed up innovation to supply safe and handy choices for folks to transact with their identities is crucial.”
This announcement follows Interac’s acquisition of Ottawa-based 2Keys, an organization centered on creating safe digital experiences, in 2019.
Based in 2008, SecureKey has made a few key partnerships just lately. The corporate partnered with Onfido in March of 2020 to supply real-time photograph ID verification and teamed up with Simplii Monetary in Could of 2020 to supply Simplii purchasers with safe entry to authorities companies.
Photograph by NeONBRAND on Unsplash