iPhone in Canada told you last November the upcoming ‘Verified.Me’ authentication app would be coming soon for customers of the big banks, and now that day has arrived.
Today, SecureKey has launched its digital identity network, Verified.Me, available for customers across Canada of the following banks (they also developed the service in cooperation together):
- BMO (coming soon)
- National Bank fo Canada (coming soon)
- Sun Life Financial (signed on as first North American insurer)
Verified.Me explains it “is a digital identity and attribute sharing network, built on top of [IBM] blockchain technology, that simplifies the sharing of personal information to help with identity verification in a safe way, allowing consumers to quickly and securely share information with participating service providers, while enabling businesses to achieve more streamlined, effective and cost-efficient client services and onboarding.”
What does that mean? Essentially, sharing your personal information with a business now means it can be sent safely and securely, preventing your info from being accessed or misused.
“This announcement marks the first time that consumers are officially able to access the Verified.Me application and gain greater control over their digital identities,” said Greg Wolfond, Founder and CEO, SecureKey Technologies, in a statement to iPhone in Canada.
For example, the following screenshots supplied by Verified.Me illustrate how a user would share their info securely with Sun Life Financial, for example. They would tap the ‘Register using Verified.Me’ button, which then takes you through confirmation steps of the info you’re about to share, which will be sent securely through the service:
Verified.Me says they have no access to your credentials used for logging into financial institutions, and your personal information is not copied or stored within the mobile app.
The company says Verified.Me was created to work with businesses such as financial institutions, telcos, government and others, that require “stronger ID validation and less friction” compared to traditional information sharing.
“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. 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,” added Wolfond.