Interac acquires 100% of Canadian business from SecureKey

Interac Corp. strengthens its digital identity portfolio by acquiring SecureKeythe Canadian company. The agreement will give Interac an exclusive license for SecureKey’s technology in Canada and is accompanied by all of the company’s existing contracts in the country.

Going forward, Interac plans to leverage its exclusive rights to develop new digital ID solutions for the Canadian market. The company specifically hopes to create products that allow users to share and verify digital identities in online settings, in a manner that complies with the latest security and interoperability standards.

The broader goal is to promote the continued growth of Canada’s digital economy. The planned Interac solutions will make it easier for Canadian consumers to access various government and commercial services and help establish a national standard for digital identifications.

The SecureKey portfolio, on the other hand, includes Verified.Me and Verified.Me Government Sign-In solutions. The former is an identity verification network that takes advantage of distributed ledger technology, while the latter is a single sign-on tool 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 its own agreements in other parts of the world.

“Digital identification is the key to enabling all Canadians to participate equally and securely in the future of the digital economy,” said Mark O’Connell, President and CEO of Interac. “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 Greg Wolfond, CEO of SecureKey. “This agreement is an important part of our broader vision to license our identity network infrastructure to other brands and countries.”

SecureKey was already providing identity verification services for Canada’s five largest banks from 2016. The company has since partnered with Onfido to complete its own checking devices and references with facial recognition technology and documentary of the latter. Meanwhile, DIACC has reported that COVID-19 has increased the Canadian public interest in digital identifications.

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October 5, 2021 – by Eric Weiss