Interac Corp. is building up its digital identity portfolio through the acquisition of SecureKey’s Canadian business. The deal will give Interac an exclusive license for SecureKey’s technology in Canada, and comes with all of the company’s existing contracts in the country.
Moving forward, Interac plans to leverage its exclusive rights to develop new digital ID solutions for the Canadian market. The company is specifically hoping to create products that allow people to share and verify digital identities in online settings, in a manner that is compliant with the latest security and interoperability standards.
The broader goal is to promote the continued growth of Canada’s digital economy. The anticipated Interac solutions will make it easier for Canadian consumers to gain access to various government and commercial services, and help set a national standard for digital IDs.
The SecureKey portfolio, meanwhile, includes the Verified.Me and Verified.Me Government Sign-In solutions. The former is an ID verification network that takes advantage of distributed ledger technology, while the latter is a single sign-on tool that was formerly known as SecureKey Concierge. The Government solution is compatible with more than 280 different government services.
SecureKey itself will provide ongoing operational and technological support as an Interac collaborator. The company will continue to run its own business and seek out its own deals in other parts of the world.
“Digital ID is the key to empowering all Canadians to participate equally and safely in the future of the digital economy,” said Interac President and CEO Mark O’Connell. “We are proud to increase our investment in identification and authentication capabilities as we work to support businesses and governments across Canada.”
“We are excited about this milestone that brings together the best digital ID capabilities for the benefit of Canadians,” added SecureKey CEO Greg Wolfond. “This deal is an important part of our broader vision of licensing our identity network infrastructure to other brands and countries.”
SecureKey was already providing identity verification services for Canada’s five biggest banks as of 2016. The company has since partnered with Onfido to supplement its own device and reference checks with the latter’s face and document recognition technology. In the meantime, the DIACC has reported that COVID-19 has raised the Canadian public’s interest in digital IDs.
October 5, 2021 – by Eric Weiss