Acquisition will serve as a catalyst for digital ID in Canada
TORONTO, November 5, 2019 – Interac Corp., a leading provider of payments and digital information exchange solutions in Canada, today announced the acquisition of Ottawa-based 2Keys, a national leader in enabling secure digital experiences for Canadian governments, financial institutions and commercial clients.
The acquisition will see 2Keys and its approximately 100 employees join Interac and play a critical role as Interac supports the future of digital ID and commerce by empowering Canadians to securely access and use their identity, data and money with confidence and convenience.
“The foundational technology behind our secure payments network, combined with the trust we have established with Canadians, positions us well to further enhance digital ID and commerce through secure authentication,” said Mark O’Connell, CEO of Interac Corp. “Acquiring the deep expertise of 2Keys gives Interac capabilities it can bring to the marketplace to support the development of digital ID solutions for Canadians’ increasingly digital lives.”
Today’s announcement ushers in a unique opportunity for Interac to build on its 35-year record of security and innovation in payments and apply its experience connecting public and private institutions and expertise in digital information exchange in new ways. Having finalized a corporate restructure in 2018, Interac is now pursuing new ventures that strengthen its role in the Canadian economy.
2Keys is a Canadian company that has provided digital identity and access solutions for 22 years and currently supports over 40 million users performing four million identity verifications per day.
“We view digital identity and access capabilities as fundamental enablers of an interoperable digital identity ecosystem, as well as being a foundational part of a ‘security-in-depth’ approach to privacy, integrity, availability and confidentiality,” said John Scott, CEO of 2Keys. “Joining Interac means building upon our legacy and helping to bring forward a robust and secure digital identity ecosystem for Canada.”
Canadians value their identity highly and want convenience and security when it comes to managing their identity digitally. According to research from Interac, eight in ten Canadians (83 per cent) describe their identity as one of their most valuable assets, with 52 per cent indicating it is more important to protect their identity online than their money. Seven in ten Canadians (77 per cent) also indicate they don’t have enough control over the use of personal and financial information online and include authentication amongst the most important factors of trusted technology.
“Canadians told us they are ready for more convenient, digital options to manage their identity documents online and on their mobile devices,” said Debbie Gamble, Chief Innovation Labs and New Ventures Officer, Interac Corp. “They also indicated how important safeguarding their identity is, and that digital IDs must be secure and backed by trusted technology.”
2Keys will operate as “2Keys – a subsidiary of Interac Corp.” and will continue to fulfill its obligations and maintain core lines of business established with public and private sector organizations.
About Interac Corp.
Interac Corp. is a payments and digital information exchange that operates an economical, world-class debit payments system with broad-based acceptance, reliability, security and efficiency. The organization is one of Canada’s leading and most trusted financial brands and is chosen an average of 16 million times daily to pay and exchange money. For 35 years, Interac Corp. along with its predecessors, Interac Association and Acxsys Corporation, has provided payment solutions and access to money on secure, interoperable, reliable and efficient shared platforms. Interac Corp. has a diverse group of shareholders that include banks, credit unions, caisses populaires, payment processors and merchants. A leader in the prevention and detection of fraud, the organization has one of the lowest rates of fraud globally. Interac is working with public and private partners to use its platforms to enable digital ID at any time and on any device. Visit newsroom.interac.ca or follow @INTERAC on Twitter.
Founded in 1998 and based in Ottawa and Toronto, Canada, 2Keys is an ISO 27001, 27017 and 27018 private company. 2Keys is a national leader in enabling secure digital experiences for Canadian governments, financial institutions and commercial clients. 2Keys designs, develops and operates Digital Identity Platforms and related Cyber Security Platforms through Managed Service and Professional Service engagements. 2Keys engagements focus on confidentiality, integrity, availability and privacy as the best way to enhance and secure digital business value for its clients.