In this edition of the Spotlight, we chat with DIACC member experts from Securefact. Learn about their work and why they strongly believe in the vision of a Pan-Canadian digital ID ecosystem to deliver world-class innovations.
1. What is the mission and vision of Securefact?
To deliver authoritative data, exceptional software and expert advice
To be the North American hub for know your customer, AML/ATF, registry Information and a trusted partner of the financial services industry, regulators and governments
2. Why is trustworthy digital identity critical for existing and emerging markets?
Trusted digital identity is fast becoming a valued currency as the world of digital transactions and mobility continues to transform our lives. Over a quarter of the world’s population are members of various social media networks and the number of machine-to-machine connections, the “Internet of Things”, is growing at an exponential rate. Our digital foot-print continues to increase and so does our digital identity on who we are, our history and our interests. Companies today continue to find innovative solutions to improve digital customer experience as a key driver for growth.
As our digital identity footprint may reveal a complete picture of us as individuals, and corporations increasingly use applications for their insatiable appetite to win customers, there remains grave concerns. Individuals are concerned with losing privacy and control over their personal information, in addition to the real risk of their identities being stolen. In respect to the latter, with the numerous incidents of major data breaches at fortune 500 companies and reputable government agencies, public trust has been significantly eroded.
Yet, both consumers and organizations realize that a digital identity should be the electronic fingerprint that verifies who we are. It’s the starting point of a digital relationship that allows for the exchange of information, commercial transactions and mutual value. Various studies indicate that personal data must be safeguarded and protected while being used to deliver more value to consumers and organizations. This means striking the right balance between privacy, data protection and authorized use. Our economies depend on electronic communications, commerce and now digital identities.
Therefore, policymakers in partnership with the private sector should ensure that while privacy safeguards are central to any regulations on digital identity, such regulations should be flexible enough so as to not stifle innovation. Consumers should be able to make their own choice on whether they want to derive value from sharing their personal data with the assurance that their data will not be misused.
In conclusion, while many consumers are concerned about protecting their privacy in an ever increasing digital world, billions of people in developing nations globally simply do not have verified digital identities. A trusted digital identity global framework will go a long way in solving the issue of financial inclusion as the momentum of mobile technology solutions continues to transform emerging economies.
What strategic goals does Securefact target to achieve in the next 3 years?
Why did Securefact join DIACC?
Securefact, a KYC regulatory technology (RegTech) firm with deep expertise in digital identity software solutions and AML/TF compliance advisory is keen to work closely with DIACC to support the development of a national trusted digital identity system.
What else should we know about Securefact?
Securefact enables established financial institutions and emerging FinTechs to operate and continuously innovate in a dynamic, complex, and onerous regulatory environment.
For 20 years, Securefact’s secured lending technologies and KYC solutions have provided data validation, business account opening entity verification and lien registration services.
Securefact offers in-depth AML/TF advisory services and highly innovative KYC SaaS and web-services that enable financial institutions and FinTechs to automate, digitally verify and confidently onboard new customers in compliance with government regulations.
Securefact has the capacity, the strategy and the team to take its proprietary solutions and scale them globally, all while continuing to service the many financial institutions that have grown along with Securefact.
Visit us at www.Securefact.com