Interac has launched the Interac Verified Credential Service, which, according to Interac, allows Canadians to create and reuse their credentials for faster identity verification and offers businesses enhanced assurance and a streamlined onboarding process. The process behind this involves Canadians using their existing login to their online banking account with a participating financial institution, taking a photo of their government-issued identity document, and a video selfie. This will then be stored safely and can be reused for future identity verifications with participating organizations. 

Interac says this tool will be critical for the need of a trusted, secure identity verification service solution. 

Canada's FCT, a provider of title insurance and real estate technology, has signed an agreement with Interac to integrate the Credential Service into FCT's real estate technology solutions. This is one step towards a national standard for digitally secure real estate transactions in Canada.