Interac Verified, the new business arm of the Canadian company, enables customers to verify their identity digitally or to authenticate themselves prior to accessing services provided by participating governments and businesses. As of 2022, the company has developed a finance ecosystem that includes 300 financial institutions.
'We are regularly required to digitally verify and authenticate our data, but digital interactions today can be marred by risk, friction, and a lack of control,' said Neil Butters, Vice President of Product, Interac Verified. The company official goes on to explain that this new solution comes as a response to the digital space, where new services are needed in order to ensure safe and seamless interactions between consumers and service providers.
Interac Verified offers the following services:
It allows users to digitally verify their identity – via Interac verification service. To do so, users are prompted to select a financial institution that they are using, and then to login using their banking login credentials. Additionally, the organisation offers the Interac document verification service that enables users to verify their identity by providing a photo of their government-issued ID and a selfie.
It enables authentication prior to access to data – via Interac sign-in service. In this case, in order to gain access to government online services, users can sign-in with their online banking or partner credentials.
The verification service promises businesses a series of benefits such as fraud protection, meeting compliance requirements, and safeguarding personal data.
The new service offered by the company signals a shift in its direction. Founded in 1984, Interac has established itself in the Canadian space by providing payment solutions. Four decades after its founding, the company prides itself for providing 18.6 million transactions each day.
According to the press release, officials from Interac consider that, given its position in the Canadian payments sector, the company can deliver a solution that inspires trust.
Interac has also taken an active role alongside Payments Canada in developing Real-Time Rail (RTR), a national payments system that would allow Canadian citizens to send and receive money instantly. The RTR is expected to further encourage the growth of the Canadian economy.
Since its announcement, the system’s launch date has been delayed twice. Even though Payments Canada has yet to state a new timeline for its launch, officials have confirmed that work on the project continues.
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