Interac Corp has agreed to acquire the rights to the Canadian digital ID services of SecureKey Technologies, a Toronto-based digital ID and authentication provider. No financial terms were disclosed. SecureKey, which will continue to operate independently, has raised funding from Bank of Montreal, Blue Sky Capital, CIBC, Desjardins, Intel Capital, National Bank, RBC, Scotiabank, TD Bank, Telus Ventures and others.
TORONTO, Oct. 1, 2021 /CNW/ – Interac Corp., a leading payments network and digital ID provider, today announced it has entered into a strategic transaction to acquire the exclusive rights to SecureKey Technologies Inc. (“SecureKey”) digital ID services for Canada. SecureKey is a leading digital ID and authentication provider that works with governments, financial institutions, and businesses to simplify consumer access to online services and applications.
This strategic acquisition of the SecureKey Canadian business contracts and exclusive licence 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 meet the evolving needs of Canadians, Interac is building a network that will help citizens securely share and verify their identity information digitally. Interac will assume 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,” says 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 will drive the evolution of digital ID services in Canada, leveraging the expertise and track record of SecureKey in this space. These services include Verified.Me, a first-of-its-kind digital ID verification network built on distributed ledger technology, and Government Sign-In by Verified.Me (formerly known as 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,” said Greg Wolfond, CEO at SecureKey. “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 develop and launch 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.
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.
“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,” says 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 strategic transaction follows the acquisition of 2Keys Corporation by Interac in 2019. Throughout its history Interac has brought to market secure, interoperable platforms for Canadians to pay and exchange money such as Interac Debit and Interac e-Transfer. Moving forward, Interac will build digital ID capabilities while prioritizing the same tenets of interoperability, security, privacy, and inclusivity for all Canadians.
Interac and SecureKey will continue to operate and collaborate as wholly independent entities.
Interac Corp. empowers Canadians to transact digitally with confidence by providing payment and value exchange services. Through our world-class privacy, fraud mitigation, governance and digital identity and authentication expertise, we help keep Canadian customers safe and secure when transacting. With nearly 300 financial institutions connected to our network, Canadians choose Interac products an average of 18 million times a day to pay and exchange money. Interac champions workplace culture and corporate citizenship based on the principles of responsibility, diversity and inclusion. We are proud to be one of Canada’s leading and most trusted financial brands. For more information, visit In the Know.