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Interac moves beyond payments with new verification business arm

Source: Interac

Interac Corp. (Interac), one of Canada's most trusted brands1, today introduced Interac Verified, the official new name for its verification business arm.

This announcement marks the organization's foray beyond payments and its evolution in helping Canadians to securely engage digitally. Just as consumers and businesses have relied on Interac for innovative ways to pay and get paid, Canadians can lean on the homegrown brand they know and trust to digitally verify and authenticate themselves.

In today's digital economy, there is a heightened need for solutions that allow consumers and service providers to interact digitally while safeguarding personal data, reducing fraud and satisfying compliance requirements. Interac Verified delivers a suite of solutions that enable Canadians to digitally verify their data to access services offered by participating businesses and governments. Connecting consumers, businesses and governments, Interac Verified delivers shared value that no single entity can provide alone.

"We can draw clear parallels between verification and payments and what these ecosystems fundamentally need to be grounded in - trust and security - to deliver value to Canadians," said Debbie Gamble, Chief Officer, Innovation Labs & New Ventures at Interac. "Interac is uniquely positioned to deliver an interoperable verification and authentication network built on the nearly four decades of trust we have cultivated with Canadians."

Underpinned by an interoperable network, Interac Verified enables trusted digital interactions and value exchange between parties to address the complex challenges that consumers, businesses, and governments face today when verifying information or signing in to access important services. Consumers are looking for secure and convenient ways to interact digitally, and businesses and governments want to verify individuals and their data at scale while improving customer experiences, meeting compliance regulations and reducing costs.

"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. "Interac Verified responds to the need for verification and authentication methods that enable access to digital services and delivers more seamless interactions to Canadians."

Interac Verified builds on the organization's commitment to provide Canadians greater control by managing and streamlining digital interactions now and in the future. The suite of solutions:

Allows users to verify their data. Individuals can establish a connection with a trusted partner like their financial institution using existing bank login credentials to share data with Interac® verification service. An additional solution is Interac® document verification service, an automated process that matches a liveness check to a photo of a government-issued ID.
Authenticates users before access to services is granted. Interac® sign-in service ensures the right access is given to the right person by enabling use of existing login credentials from a trusted source, such as a financial institution, removing the need to create and manage new login credentials.

With the interoperability of Interac Verified, Interac is connecting Canadians and helping businesses transform digitally.

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