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ATB Ventures' Oliu partners with Flinks for digital ID verification

Wednesday 17 January 2024 14:16 CET | News

Canada-based ATB Ventures has announced a partnership between Oliu, its latest digital ID verification solution, and Flinks, a financial data connectivity provider in Canada. 

 

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.

ATB Ventures has announced a partnership between Oliu, its latest digital ID verification solution, and Flinks, a financial data connectivity provider in Canada

 

Flinks' direct API bank connections network

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. 

As per ATB Ventures, by partnering with Oliu and enabling digital ID verification, Flinks will help businesses leverage financial data to deliver digital experiences. This collaboration sets new standards in the industry and unlocks advanced levels of security and efficiency for customers.

More about Flinks 

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.

At the end of 2023, Flinks partnered with Xero to give small businesses in Canada and the US secure access to more than 20 direct bank connections and transaction data. Flinks also provided new and secure bank feeds for customers in the US and Canada, including direct bank feeds with the National Bank of Canada and EQ Bank, as well as US-based banks.

More: Link


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Keywords: partnership, identity verification, identity fraud, digital identity, bank account
Categories: Fraud & Financial Crime
Companies: ATB Ventures, Flinks
Countries: Canada
This article is part of category

Fraud & Financial Crime

ATB Ventures

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