Interac Corp., a payments network and digital ID provider, reveals that it has entered into a transaction to acquire the “exclusive” rights to SecureKey Technologies Inc. digital ID services for Canada.
SecureKey is an established digital ID and authentication provider that works cooperatively with government agencies, financial service providers, and businesses to “simplify consumer access to online services and applications.”
As mentioned in a release, this acquisition of the SecureKey Canadian business contracts and exclusive license in Canada of its intellectual property is “the latest investment by Interac to bring together world-class digital identification and authentication capabilities in the market.”
To address the requirements of Canadians, Interac is developing a network that will assist citizens with securely sharing and verify their identity information digitally. Interac will be assuming SecureKey existing digital ID services, and “leverage its operations, technology, and ongoing innovation capabilities to accelerate secure online service delivery and enable the Canadian digital economy, while ensuring strong privacy and fraud protections are in place.”
“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,” stated Mark O’Connell, President 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.”
Interac is focused on supporting the evolution of digital ID services in Canada, “leveraging the expertise and track record of SecureKey in this space.”
These services reportedly include Verified.Me, which is described as a first-of-its-kind digital ID verification network developed on distributed ledger technology (DLT), and Government Sign-In by Verified.Me (previously called, SecureKey Concierge), a secure sign-in tool for “accessing over 280 government services.”
SecureKey will operate its international business and continue to “collaborate on developing digital ID networks and new licence deals in other markets.”
“SecureKey is driven by a central goal of making consumers’ digital lives easier, safer and more secure when transacting with the organizations they want online,” added Greg Wolfond, CEO at SecureKey.
Greg also noted:
“We are excited about this transformative milestone that brings together the best digital ID capabilities for the benefit of Canadians. This deal is an important part of our broader global vision of licensing our identity network infrastructure to other brands and countries.”
Interac will create and deploy secure digital ID solutions which “enable wide access to digital commerce and government services, while advancing Canadian innovation in this space.”
This approach is “rooted in common standards that support interoperability via the trusted exchange of identity credentials (e.g., driver’s licences, health cards, passports) across multiple vertical markets,” the announcement explained.
By combining Interac market reach, innovative capabilities, and brand trust with the history of SecureKey delivery of digital ID verification and authentication solutions, the two organizations are “fulfilling a shared vision for a national, standards-based digital ID platform,” the announcement noted.
“As the pandemic has made abundantly clear, the way Canadians use their identity documents and how they prioritize accessing services digitally has changed forever. The need to accelerate innovation to provide secure and convenient options for people to transact with their identities is critical,” stated Debbie Gamble, Chief Officer, Innovation Labs & New Ventures at Interac.
“As a Canadian company bringing together Canadian digital ID capabilities, Interac is uniquely positioned to accelerate digital ID adoption and innovation securely in our emerging digital economy.”
This transaction has come after the acquisition of 2Keys Corporation by Interac back in 2019.
Throughout its history, Interac has been focused on bringing to market secure, interoperable platforms for Canadians “to pay and exchange money such as Interac Debit and Interac e-Transfer. Moving forward, Interac will develop various digital ID capabilities while “prioritizing the same tenets of interoperability, security, privacy, and inclusivity for all Canadians.”
Interac and SecureKey plan to keep operating and collaborate as “wholly independent” business entities.