Interac has acquired exlusive rights to SecureKey's blockchain-based digital ID services for Canada, as it moves to build a federated identity network which lets consumers use their online banking credentials to log in to public and private sector Web services
The acquisition of the SecureKey Canadian business contracts and exclusive licence in Canada of its intellectual property is the latest investment by Interac in the digital ID space following the 2019 takeover of 2Keys Corporation.
Built atop IBM blockchain technology, SecureKey's Verified.Me app helps users verify their identity simply online, in person and on the phone using information they consent to share from connections, such as banks, to access things like health records and government services, and to open accounts with banks and telcos.
Six of Canada's leading financial institutions participated in a $27 million funding round for SecureKey in 2016.
"At Interac, we believe that digital ID is the key to empowering all Canadians to participate equally and safely in the future of the digital economy," says Mark O'Connell, pPresident and CEO at Interac. "Through this acquisition, we are proud to increase our investment in leading identification and authentication capabilities as we work to support businesses and governments across Canada in delivering secure and convenient digital ID experiences for Canadians."
SecureKey's technology has been used as the backbone for ConnectID, launched by OZ processor eftpos, which last week became the first officially accredited non-government operator of a digital identity exchange in Australia.
Greg Wolfond, CEO at SecureKey, states: "This deal is an important part of our broader global vision of licensing our identity network infrastructure to other brands and countries."