ATB Ventures, the research and innovation arm of ATB Financial, today (16 January) announced a partnership between Oliu, its state-of-the-art digital ID verification solution, and Flinks, a trusted provider of financial data connectivity in Canada. The partnership will see Oliu integrate with Flinks’ data connectivity platform to enable its customers within financial services and beyond to offer their end users, frictionless digital ID verification using bank connectivity.
Leveraging Flinks’ direct API bank connections network, organisations using Oliu will be able to instantly verify customers’ identities using their existing Canadian bank accounts all in compliance with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) identity verification guidelines. Customers choosing this method of ID verification when opening a new account will simply be prompted to sign into an existing Canadian bank account. By doing so, their verified identity information is transferred from the existing account, to the new service provider.
The integration allows organisations to pre-populate registration forms and streamline their KYC (Know Your Customer) processes, eliminating the need for any cumbersome manual identity verification and enabling swift and highly-secure onboarding.
Azim Esmail, head of growth and partnerships at ATB Ventures, highlighted the significance of the collaboration: “The incorporation of Flinks-powered bank account verification into Oliu elevates our platform to become one of Canada’s most comprehensive and resilient digital ID verification solutions. It will deliver another leap forward in removing friction from customer onboarding and enhancing security using digital ID verification. Oliu equips organizations within financial services and across multiple other sectors with a powerful platform to mitigate fraudulent activities, and expedite account creation increasing customer retention and loyalty.”
Using customer bank accounts to verify identity allows organizations to make informed decisions based on accurate and real-time data, directly obtained from a trusted source.
“This collaboration embodies Flinks’ commitment to enabling businesses to leverage financial data to deliver exceptional digital experiences,” said Frederick Lavoie, COO and co-founder at Flinks. “By partnering with Oliu and enabling digital ID verification, we can unlock advanced levels of security and efficiency for our customers while setting new and robust standards in the industry.”