ATB Ventures' Oliu™ Teams Up with Flinks to Deliver Frictionless Digital ID Verification Using Bank Connectivity
CALGARY, AB, Jan. 16, 2024 /CNW/ - ATB Ventures, the research and innovation arm of ATB Financial, today 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, organizations 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 in to 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 organizations 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 & 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."
Oliu™ is a blockchain-identity management solution that makes it easy for businesses to issue, manage and verify digital credentials. Built on open (W3C) standards, Oliu™ leverages identity frameworks such as the Pan-Canadian Trust Framework (PCTF) and National Trust and Identity Fundamentals to make mobility and interoperability between identity systems possible.
To learn more about Oliu™, please visit https://oliu.id/
ATB Ventures is the research and innovation arm of ATB Financial, a leading Alberta-based financial institution. Driving growth at the edges and exploring opportunities beyond financial services, ATB Ventures focuses on helping companies bridge the gap between consumers' increasing concerns about privacy and security, and their desire for more advanced personalized experiences. To learn more about ATB Ventures, please visit https://atbventures.com/
Trusted by millions of individuals across North America accessing financial services at world-class companies, Flinks is a leader in data connectivity, data enrichment, and Open Banking. With the largest OAuth network and reliable Open Banking solutions, Flinks enables businesses to securely connect to their customers' financial accounts, enrich this data, and utilize it to deliver better digital products. To learn more, visit flinks.com
SOURCE ATB Ventures
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