Customers have a continued need and desire for the convenience of digital experiences, but they understandably don’t want to face the risk of fraud.
During a 2023 data privacy survey, we discovered more than half (53 per cent) of Canadians consider businesses to be primarily responsible for protecting their personal information. So organizations need ways to verify and authenticate customer data — to be sure that the customer is who they’re claiming to be — but in a way that reduces friction, creating smooth interactions that lead to consumer confidence.
Enter Interac Verified.
Keep reading to learn more about why Interac Verified could be the right suite of digital verification and authentication solutions for your organization — so that you can continue to deliver the experience your customers expect.
What is Interac Verified?
Interac Verified is a suite of future-ready verification and authentication solutions that enables businesses to digitally verify potential customer and client data to deliver faster, more efficient, and convenient access to online services.
It empowers businesses and other organizations to simplify onboarding experiences, reduce manual processes and help streamline compliance. And to help reduce the risk of fraud and help streamline Know Your Customer (KYC) compliance processes, Interac Verified enables businesses to confidently know that their customers are indeed who they say they are.
Two of the Interac Verified solutions are designed to meet these needs for businesses:
- Interac verification service enables businesses to give potential customers and clients the option to use their existing login credentials from a trusted source (such as the customer’s participating financial institution) for a quick and easy customer onboarding experience.
- Interac document verification service enables businesses to digitally confirm a potential customer or client’s identity using an accepted form of government-issued ID, accompanied by a “liveness check” that they perform using a mobile device.
How can businesses use Interac Verified today?
Many businesses already use Interac Verified to facilitate digital customer experiences as new clients and customers create an account, retrieve sensitive information, or gain access to a secure digital interaction. See a list of participating organizations here.
Here are some things Interac Verified can do for service providers:
As for implementation, businesses can deploy Interac Verified solutions using a single API, making integration seamless. This allows for deployment on desktop and mobile browsers or within a standalone app.
Speak with an Interac Verified expert who can discuss your needs and provide a walk-through of our verification solutions.
How could businesses use Interac Verified in the future?
Interac Verified is built to unlock new growth opportunities for Canadian businesses. As our network expands, new innovations will empower businesses to offer their customers more convenient and secure digital services.
How will businesses in different sectors use Interac Verified in the future? Here are some use cases that we foresee emerging in the years ahead:
As the digital landscape continues to evolve, so will the Interac Verified suite. It’s designed to support multiple technology standards so businesses can confidently meet customer expectations now and in the future.
How can my business start taking advantage of Interac Verified?
Follow the link below for more details about Interac Verified, and connect with an expert who can walk you through our solution and talk about your specific needs.