The partnership aims to integrate Oliu with Flinks' data connectivity platform. This will help its customers within financial services and offer their end users frictionless digital ID verification using bank connectivity. Moreover, incorporating Flinks-powered bank account verification into Oliu upgrades the platform to become a more comprehensive and resilient digital ID verification solution.
The trusted digital identity market in Canada holds a significant value estimated at CAD 15 billion, representing approximately 1% of the country's GDP, according to the Digital ID and Authentication Council of Canada (DIACC).
By leveraging Flinks' direct API bank connections network, organisations can instantly verify the identities of their customers through their existing Canadian bank accounts. This service is fully compliant with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) identity verification guidelines. Therefore, when opening a new account, customers can choose to verify their identity by signing into their existing Canadian bank account. Moreover, this process carries their verified identity information from their existing account to the new service provider.
As the official paper shows, this integration will allow organisations to integrate their KYC processes and pre-populate registration forms. It eliminates the need for any slow manual identity verification, shifting to a secure onboarding. Furthermore, Oliu provides a platform to mitigate fraudulent activities, strengthening customer retention and loyalty. Based on this, the partnership between Oliu and Flinks aims to remove friction from customer onboarding while improving security using digital ID verification. In addition, using customer bank accounts to verify their identity allows organisations to make informed decisions based on accurate and real-time data obtained directly from a trusted source.
Based in Canada, Flinks is a data connectivity, data enrichment, and Open Banking provider. With a large OAuth network and Open Banking solutions, Flinks seeks to enable businesses to securely connect to their customers' financial accounts, enrich this data, and utilise it to deliver better digital products.
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