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:
Simplify onboarding processes
Streamline compliance and reduce manual verification processes so customers can use faster onboarding processes that help minimize errors and help reduce costs.
Help acquire more customers
When customers can use self-service to verify their data using existing credentials, onboarding is fast and frictionless — smoothing the path for customer acquisition and helping to reduce drop offs.
Help meet compliance standards
Onboarding processes are not just smooth, they can be designed to help fulfil compliance KYC (Know Your Customer) requirements to help deliver an easy and convenient customer experience.
Protect against fraud
Have confidence that customers are who they say they are, and access is only granted to the right person.
Offer interoperability
Interac Verified reduces the dependency on any one institution to verify data. Rather than contacting a specific institution to verify an individual’s data, an organization can check it against other trusted businesses within the Interac Verified network, like a participating financial institution.
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:
Telecommunications
In telecommunications, Interac Verified could be used to onboard and authenticate new account holders quickly and securely so they’re using their new accounts within minutes.
Financial services and wealth management
Interac Verified could facilitate the opening of new accounts digitally, as well as streamlining approvals for investment and credit products.
Insurance
Help with digital registration when onboarding new customers through Interac Verified, streamlining processes and reducing the risk of fraud.
Lottery and Gaming
Help operators meet compliance standards when registering new customers, as well as provide a secure way for customers to login in through Interac Verified.
Retail
Interac Verified could be used to help verify customer identities for online transactions and streamline user experiences for registration, authentication and payment processes.
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.
