As the digital verification of personal information becomes increasingly common, the need for a trusted, secure identity verification service solution has never been more critical. To help address these growing concerns, Interac has launched the ‘Interac Verified’ credential service, a new offering within the Interac suite of verification solutions.
The Interac Verified credential service is the future of secure, reusable verification in Canada. It gives Canadians the convenience of creating and reusing their credentials for expedited identity verification and offers businesses the benefit of enhanced assurance and a streamlined onboarding process.
To create a credential, Canadians can use the existing login to their online banking account with a participating financial institution, take a photo of their accepted government-issued identity document and a video selfie. The credential will be safely stored and can be reused for future identity verifications with participating organizations. This solution transforms single-use verifications into a trusted, reusable model.
“At Interac, we’re building more than a service—we’re shaping the network for verification in Canada,” said Fatema Pirone, head of Interac Verified. “With the launch of the Interac Verified credential service, we’re enabling Canadians to carry out everyday actions with ease and security—whether accessing government services, opening financial accounts, or proving who they are online. It’s about giving people greater control and confidence in how their information is shared and verified.”
The Interac Verified credential service can be accessed via the Interac Verified app, where users can:
- Store essential information from accepted documents: Accepted government-issued documents include Canadian driver’s licenses, Canadian-issued and select foreign passports, provincial photo ID cards, permanent resident cards and Indian status cards.
- Securely share personal information: Individuals can share their verified information securely, anytime, from anywhere, with the data authorized by the user. Only the necessary data is shared, instead of entire documents.
- Reuse credentials: Canadians will be able to reuse their information stored in a credential to validate their identity, for a period of up to 12 months at a time, providing a convenient alternative to an in-person visit to complete transactions.
- Benefit from advanced data encryption: Advanced Encryption Standard helps to reduce the risk of unauthorized access to sensitive information. The data is stored directly on the user’s smartphone, not the cloud.
- Enjoy bilingual access: The Interac Verified credential service is available in both English and French.
To build on the launch, Interac is pleased to collaborate with FCT, the leading provider of title and real estate solutions in Canada. FCT is the first business to utilize the Interac Verified credential service and will deploy the service across its digital real estate ecosystem as the foundation for a secure real estate transaction.
Unlike traditional methods that require repeated identity verification at multiple stages of the home buying or refinancing journey, the Interac Verified credential service offers a uniquely efficient solution. Using their reusable digital credential via the Interac Verified app, homebuyers and homeowners can securely share verified information as needed with each party in the transaction eliminating redundant, unsecured in-person or text/email verifications.
“Trust and security are fundamental to every real estate transaction, be it for the consumer or the real estate professional,” said Michael LeBlanc, chief executive officer of FCT. “By embedding the Interac Verified credential service into our digital ecosystem, we are connecting real estate transactions in new ways which not only improves the transaction experience for all parties involved but also sets a foundation for the future of real estate in Canada. We are proud to collaborate with partners like Interac to lead the industry toward that smarter, safer future.”
“The Interac Verified credential service empowers Canadians to manage and share their required personal information securely while simplifying their digital interactions,” added Pirone.
“By streamlining verification processes, we are not only enhancing security and user experience but also providing businesses with a valuable tool to improve efficiency and gain a competitive advantage in the digital marketplace. This is particularly beneficial for industries such as banking, insurance and e-commerce, where secure age verification, call centre authentication, new account verification, and disbursement processes are critical.
“The Interac Verified credential service offers a robust solution for these and other sectors to enhance security, streamline operations, and build trust with their customers.”
The service is available via the Interac Verified app and Interac is actively working to expand the channels through which the Interac Verified credential service can be accessed, ensuring it meets the diverse needs of Canadian businesses.
Interac is an Associate Partner of Open Banking Expo Canada, taking place on June 17 at the MTCC in Toronto. Catch Anurag Kar, head, product e-transfer at Interac on stage at Open Banking Expo Canada. Click here to find out more about the agenda, speakers and exhibition floor.
