Canadas USD 150 million digital ID system backed by banks

Tuesday 26 September 2017 11:13 CET | News

Canadian banks have joined forced to initiate a USD 150 million digital identity project that aims to solve the identification challenges of the digital economy.

This initiative is in response to the federal government’s Innovation Supercluster Initiative (ISI) that was first announced in the 2016 budget. Royal Bank of Canada (RBC), Bank of Montreal, Scotiabank, CIBC, TD Bank and National Bank of Canada, along with the nation’s three largest telcos: Bell Mobility, Rogers Communications and Telus have teamed up to create this digital ID system, according to IT World Canada.

In the mix are also involved academic institutions such as Ryerson University in Toronto, the University of British Columbia, and the provincial governments of Ontario, British Columbia, Saskatchewan and New Brunswick.

IT World Canada says leading the charge is the Digital Identity and Authentication Council of Canada (DIACC), “which has put together a nationwide public-private consortium of large and small innovators to create a digital identity ecosystem that will make transacting and sharing personal data online easier and safer”.

A similar initiative has been reported by The Paypers in May 2017, when Deutsche Bank together with Mercedes-Benz maker Daimler, Allianz and Axel Springer teamed up to create a platform that would enable users to do their online transactions with a single account, with no more registrations or repetitive passwords.

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Keywords: Royal Bank of Canada, RBC, Bank of Montreal, Scotiabank, CIBC, TD Bank, digital ID, online transactions, online security, Canada
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions