Monthly Archives: July 2021

1.What is the mission and vision of Trust Science?

Trust Science ® is a FinTech SaaS that delivers Credit Bureau 2.0 ® / Credit Bureau + ™. Its mission is to help deserving people get the loans they deserve. The service gives lenders highly accurate scores about underbanked and financially stressed borrowers in a fair, ethical and compliant way. This solution repairs the on-ramp to the modern credit economy, improving financial inclusivity while simultaneously boosting lender profitability.

2. Why is trustworthy digital identity critical for existing and emerging markets?

Even in multi-billion dollar credit bureaus, data often crosses individuals, leading to frequent mix-ups and inaccurate credit reporting (i.e. lost opportunities for deserving borrowers or fraud committed by un-deserving people). With a trustworthy digital identity and interoperable digital credentials, lenders can ensure that individual data is correct and correctly attributed. As well, given the trends in Consumer Protection and Privacy laws, trustworthy identity is the first step toward returning control and consent to the use of personal data back to its rightful owners. Furthermore, in the rapidly emerging market of alternative credit underwriting, where Trust Science is a leader, digital identity enables new application processes, giving new-age credit bureaus fast and secure access to more data points for more accurate scoring. Trust Science believes that digital identity solutions will form the backbone of financially inclusive credit scoring and will be instrumental in a variety of other contexts.

3. How will digital identity transform the Canadian and global economy? How does your organization address challenges associated with this transformation?

Interoperable digital credentials will transform all economies by significantly reducing cost and time for all forms of applications and sharing sensitive, verified information. Trust Science is designed to be a compliant service in all jurisdictions so that it can improve borrowing outcomes for global citizens and lenders. This is evidenced, in part, by a massive patent and trademark estate (comprising over 4 dozen patents, trademarks and pending patents across 18 different countries, and counting.) To support this transformation, Trust Science is pioneering the application of digital identity in the credit reporting industry. It is a Founding Steward of the Sovrin.org Identity network alongside industry heavyweights and it has now proudly joined DIACC. It will also provide services/consulting and its Smart Consent™ software to lenders and their borrowers to enable a transition to the use of digital credentials in loan applications, as digital wallets proliferate among consumers. As well, the company is working with regulatory bodies in both Canada (OSFI) and in the U.S. (RFI submission re: Explainable AI to 5 federal agencies in June 2021) to ensure that modern technology and its capabilities are fully understood and appreciated by all stakeholders, especially the topmost banking regulators.

4. What role does Canada have to play as a leader in this space?

Canada undisputedly has the technological capabilities and knowledge needed to be a global leader in digital identity and trust services. A strong supporter of digital identity standards, Trust Science is excited to be a part of that leadership, especially with the Canadian government’s “User-Centric Verifiable Digital Credentials” initiatives.

At a practical and real-world level, Canada shares the world’s longest border with the world’s biggest and most advanced economic and technological actor.  It is incumbent on a partner in such a relationship to meet or beat best practices in all matters of identity and services (like money transfer) that rely on trust and KYC. Turning to the global space, Canada must continue to support domestically-driven innovations to maintain its position of leadership and continue to set the global pace of digital identity standards in the customary Canadian way: fair, ethical, and inclusive.

5. Why did your organization join the DIACC?

Trust Science joined DIACC to facilitate partnerships with other members that will further the adoption of emerging digital credential standards. The company believes that these partnerships will form the foundation of a strong Canadian ecosystem of digital identity companies and that all the different players’ collective experiences working on the cutting-edge of the tightly regulated lending industry will provide mutually valuable insights among each other.  Trust Science looks forward to networking and collaborating with other DIACC members in a way that helps Canada maintain its reputation for having a very strong banking/lending sector and healthy financial (including Insurance industry) institutions.

6. What else should we know about your organization?

Trust Science provides automated loan underwriting solutions leveraging traditional credit bureaus’ data, alternate data, and user-permissioned data. Given the risk associated with centrally stored personal data accessed during the loan application process, Trust Science aims to enable migration to decentralized digital credentials that will increase security and privacy while also significantly simplifying the application process. Put simply, Trust Science offers lending leaders a fair and ethical way of scoring financially stressed or under-banked customers, right now.

DIACC is very pleased to welcome Accenture as a member. In this spotlight interview, DIACC President Joni Brennan connects with Iliana Oris Valiente, Managing Director, Canada Innovation Strategy and Blockchain Lead and Christine Leong, Global Lead Blockchain and Biometrics, to hear their thoughts on digital ID and the great work that Accenture is doing in this space.

DIACC Spotlight on Accenture – YouTube

1.What is the mission and vision of ValidCert?

Our Mission is built on a foundation of Protection, Validation and Empowerment. The ValidCert Vision creates an Eco-System of Trust. Our Eco-System of Trust (1) Protects Digital Identity and Micro-Certificates (2) Provides Validation of Credentials by Government Approved Institutions (3) Empowers Life-Long Learning

2. Why is trustworthy digital identity critical for existing and emerging markets?

There is a global need for upskilling and reskilling which is creating a focus on shorter courses and micro-credentials. The approach to education and learning is changing and the technology has to focus on protecting and providing a forum for Digital Identity and Credentials to help bridge the skills gap. If individuals, globally, can safely and efficiently claim who they are and share validated micro-credentials in a protected environment, this will have a positive impact on streamlining the hiring and recruiting process which directly adds economic value. Reducing fraud, protecting rights and increasing transparency can increase efficiency for existing and emerging markets.

3. How will digital identity transform the Canadian and global economy? How does your organization address challenges associated with this transformation?

In order for Digital Identity to be successful, governments globally need to collaborate on creating interoperability to ensure individuals are protected when information is being shared. Risks need to be focused on, which include cybersecurity threats and data breaches. Digital Identity can be directly connected to economic value with increased use of financial services, increased access to employment opportunities all resulting in reduced costs and time savings for resources. According to McKinsey & Company, a subset of key focus areas for Canada and governments globally include cost savings, reduced fraud, and improved labour productivity all impacting the economy. ValidCert addresses challenges associated with this transformation by focusing on the key focus areas. Our platform is low-cost focused on enhancing processes surrounding assigning micro-credentials, providing a platform for Students/Job Seekers that is supported by the Learning Institutions that 3rd parties, such as recruiters, are invited to review. We are protecting the identity of the Issuer, Assignee and the Viewer, who are all major players in our Trust Eco-System. This will assist in reducing fraud as well as ensure that individuals’ identities and credentials are validated to be a “fit” for the job they are seeking. This will save time and resources for hiring companies, whether private or public.

4. What role does Canada have to play as a leader in this space?

Canada has a very important role to play as a leader in digital identity and trust services. This includes developing, in collaboration with organizations and other countries, policies and frameworks to ensure acceptance of digital identities. Similar to a currency, Digital Identities need to have cross-border acceptance.

5. Why did your organization join the DIACC?

We joined DIACC because we have trust in the objectives and vision of DIACC and its’ members. DIACC is creating a collaborative community to share knowledge and information to create sustainable solutions for Canada and for other countries. As part of DIACC, we are fortunate to be a part of the SIG (special interest group) for Digital Credentials which is validating the ValidCert Mission and Vision. We are not only learning but sharing our technology, research and experiences in order to move the Digital ID Dial forward.

6. What else should we know about your organization?

We are utilizing the best of Private and Public Technology environments so institutions and individuals can decide what information they want to share. We are protecting the accomplishments of all existing and future users of the Valid-Cert Eco-System!