ATB Ventures, the research and innovation arm of leading Alberta-based financial institution ATB Financial, announced today the launch of their suite of Digital Identity Products: Oliu™ platform, Oliu Studio™, and digital-credential wallet: Proof™. The launch comes weeks after the Government of Canada announced its National Digital Identity Program.
In a climate of misconception of digital identity, consumers are demanding greater transparency and ownership over their personal data from the organisations they engage with. With global privacy regulations continuing to expand and modernise at an accelerated rate, organisations need to advance their privacy approaches and practices now.
“For the past two years, we’ve been working with consumers, public, and private sectors to design a trusted identity system that can easily issue credentials and authenticate personal identity,” said Sue McGill, SVP, ATB Ventures. “Building, implementing, and driving widespread adoption of a secure, digital ID solution at scale is complex and requires input from all participants. It is through our collaborations that we are able to bring OliuTM to market to help accelerate Canada’s evolution towards a more equitable, inclusive, and advanced digital society.”
Anchored in the PAN Canadian Trust Framework, Oliu’sTM suite of digital identity products has been built and designed as a decentralised solution denying hackers a single point of attack. Built-in safeguards ensure privacy and security while also giving users ownership and control of their data. For consumers, this brings autonomy to their digital lives, as personal data resides with the individual and not a third party granting or tracking access to their credentials.
While OliuTM addresses basic digital identity needs such as verification and authentication, the platform also helps to mitigate more advanced problems. “For organisations of any size, OliuTM improves risk and fraud management while offering greater protection of customer data against cyber attacks.” said ATB Ventures Managing Director, Product & IP Chandra Rink. “In addition, the solutions greatly enhance customer experiences through streamlined onboarding and KYC (Know Your Customer) processes.”
Also Read: The Changing Landscape of Digital Identity
The demand and growth of the digital identity market is accelerating with recent reports placing global market value at $23.4 billion USD. Countries implementing Digital ID are poised to unlock economic value equivalent to 3 – 13 % GDP by 2030.
“Consumers live their lives online and digital interactions are only increasing. If Canada wants to remain competitive, we need to accelerate our digitization efforts.” said McGill. “That is what OliuTM is designed to do.”