Interac Verified

Interac Verified is a digital identity verification network launched by Interac Corp in May 2023 that enables secure identity verification and authentication for Canadian businesses and consumers. The system implements Self-Sovereign Identity principles within a hybrid federated and decentralized identity management framework.

The platform's core technical architecture utilizes W3C Decentralized Identifiers (DIDs) and blockchain technology to enable triple-blind data sharing - where the source and destination are mutually blinded while the network remains blind to transaction contents. Key features include:

• Bank verification using existing financial institution credentials
• Document verification through government ID and biometrics
• Sign-in service for accessing government and business services
• Integration with major Canadian financial institutions including BMO, CIBC, Desjardins, RBC, Scotiabank and TD

The system has seen notable adoption across multiple sectors including healthcare, government services, and financial services. Key implementations include integration with Employment and Social Development Canada for My Service Canada Account registration and partnerships with organizations like Sun Life Financial, Equifax, and Costco. The platform processes over 144 million sign-in service transactions annually through its network of 300+ connected financial institutions.