Problem Statement: Canadian residents do not have quick and easy ways to open new accounts with Canadian Financial Institutions
Proposal: Develop a Proof of Concept which will allow Canadian residents to open new financial accounts entirely online by leveraging new technology including, but not limited to: attribute sharing, data imaging, and radio-frequency identification (RFID) technology. The idea is that this first Proof of Concept shall accessible enough to understand and complex enough to test the models under consideration.
- A consumer wants to open a new account with a Financial Institution (FI)
- The consumer already has at least 1 form of a government issued credential: drivers license, passport, etc.
- The consumer proceeds through the account opening process until presented with ID verification
- The consumer will then need to either:
- Provide valid documentation using data imaging technology
- Release and verify data attributes from a governing and accepted body
- Leverage RFID technology to scan/tap government issued credential for verification
- After a consumer has presented the required ID and agreed to the attribute sharing, the validation and matching of the ID data is completed using government data sources and response is provided to the FI
- Upon a successful match, the account opening process will be completed and ID recorded for AML purposes
- If the data provided does not match, or is insufficient, the consumer will be prompted with information on how to proceed with the account opening process
- All future account openings will be seamless as the consumer will already be able to open accounts based on their current status