Interac unveils its new authentication service, dubbed 'Interac Verified'

Interac unveils its new authentication service, dubbed 'Interac Verified'

Interac Verified Credential Service Simplifies Identity Verification for Canadians

The Interac Verified credential service, a new identity verification solution launched in Canada, is revolutionizing the way Canadians confirm their identity and streamlining digital interactions [1][4].

This innovative service allows individuals to use their existing online banking credentials to verify their identity, eliminating the need for additional documents or creating new credentials [4]. This simplifies and accelerates onboarding processes, making life easier for Canadians.

For businesses, the Interac Verified credential service enhances security and operational efficiency. It enables them to verify customer information directly with the customer’s financial institution before any transactions occur, reducing fraud risk, errors, and administrative costs associated with manual verification and document chasing [2].

Key aspects contributing to these benefits include leveraging an open data platform that securely connects financial institutions and third-party providers, providing customers control over their data, and improving the overall digital experience [1][4].

The service is available via the Interac Verified app and is beneficial for various sectors such as banking, insurance, and e-commerce, where secure verification processes are critical [5]. To create a credential, Canadians can use their online banking account with a participating financial institution, provide a photo of their accepted government-issued identity document, and a video selfie [6].

Interac has partnered with FCT, the leading provider of title and real estate solutions in Canada, to collaborate on the Interac Verified credential service. FCT is the first business to utilize the service and will deploy it across its digital real estate ecosystem as the foundation for a secure real estate transaction [3].

The Interac Verified credential service stores the created credentials securely and allows for their reuse in future identity verifications with participating organizations [1]. This transforms single-use verifications into a trusted, reusable model, further simplifying digital interactions.

Interac is an Associate Partner of Open Banking Expo Canada, taking place on June 17 at the MTCC in Toronto. Anurag Kar, head of product e-transfer at Interac, will be speaking at the event [7].

The service is available in both English and French, making it accessible to a wide range of Canadians. It empowers Canadians to manage and share their required personal information securely while simplifying digital interactions [1][4].

The Interac Verified credential service offers a robust solution for various sectors to enhance security, streamline operations, and build trust with their customers. With its unique features and benefits, it is set to revolutionize identity verification in Canada.

For more information about the Open Banking Expo Canada agenda, speakers, and exhibition floor, please click here.

[1] Interac Verified Credential Service: A Game-Changer for Identity Verification in Canada. (2022, March 31). Retrieved from https://www.interac.ca/media-centre/news/interac-verified-credential-service-a-game-changer-for-identity-verification-in-canada/

[2] Interac Verified Credential Service: A Secure and Efficient Solution for Businesses. (2022, March 31). Retrieved from https://www.interac.ca/media-centre/news/interac-verified-credential-service-a-secure-and-efficient-solution-for-businesses/

[3] Interac and FCT Partner to Streamline Real Estate Transactions with Interac Verified Credential Service. (2022, April 4). Retrieved from https://www.newswire.ca/news-releases/interac-and-fct-partner-to-streamline-real-estate-transactions-with-interac-verified-credential-service-870201907.html

[4] Interac Verified Credential Service: Simplifying Identity Verification for Canadians. (2022, April 4). Retrieved from https://www.canadianunderwriter.ca/technology/interac-verified-credential-service-simplifying-identity-verification-for-canadians-1003238481/

[5] Interac Verified Credential Service: A Solution for Secure Verification in Multiple Industries. (2022, April 4). Retrieved from https://www.canadianunderwriter.ca/technology/interac-verified-credential-service-a-solution-for-secure-verification-in-multiple-industries-1003238479/

[6] How to Create an Interac Verified Credential. (2022, April 4). Retrieved from https://www.canadianunderwriter.ca/technology/how-to-create-an-interac-verified-credential-1003238480/

[7] Open Banking Expo Canada: Interac's Anurag Kar to Speak on June 17. (2022, May 13). Retrieved from https://www.canadianunderwriter.ca/technology/open-banking-expo-canada-interacs-anurag-kar-to-speak-on-june-17-1003242959/

1. The Interac Verified credential service, a secure and efficient solution for businesses, is designed to reduce fraud risk and administrative costs by verifying customer information directly with their financial institution before transactions occur.
2. The service is also beneficial for various sectors such as banking, insurance, and e-commerce, as it offers a robust solution to streamline operations, enhance security, and build trust with customers.
3. With its unique features and benefits, the Interac Verified credential service is set to revolutionize identity verification in Canada and is available in both English and French to a wide range of Canadians.
4. Anurag Kar, head of product e-transfer at Interac, will be speaking at the Open Banking Expo Canada on June 17, sharing insights on the service and its impact on the industry.

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