Six of Canada's leading financial institutions have participated in a $27 million funding round for SecureKey, a federated identity network which lets consumers use their online banking credentials to log in to public and private sector Web services.
BMO Bank of Montreal, Bank of Nova Scotia, CIBC, Desjardins, Royal Bank of Canada and TD all participated in the round, which will be used to build out the SecureKey Concierge federated authentication service.
CIBC was the last of the big banks to sign up as a 'Trusted Sign-In Partner' for the cloud-based authentication service last month. SecureKey says it has experienced a doubling of user credentials in each of the past two years.
"SecureKey is creating an ecosystem for customers to manage their digital assets securely and conveniently. It's a model that is being developed with substantial input from TD and other banks," said Rizwan Khalfan, EVP and chief digital officer, TD. "Investing in innovation that will improve the customer experience is core to our strategy."