The Canadian Bankers Association says Canada must create a digital identification system, potentially utilizing technology such as blockchain, biometrics and document review over a live video connection.

The association91裸聊视频檚 chief executive says moving away from a paper-based, face to face process towards a modern identification system of this kind is needed to 91裸聊视频渦nlock the full potential91裸聊视频� of the digital revolution that is underway.

Neil Parmenter added in his speech in Toronto today that the need for digital identification 91裸聊视频渨ill only grow more urgent91裸聊视频� as Ottawa explores the possibilities of open banking, the payments system is modernized and blockchain and artificial intelligence move into 91裸聊视频渘ew frontiers.91裸聊视频�

The Department of Finance last week officially launched its public consultation on the merits of open banking, a framework that would allow consumers and businesses to permit third parties such as fintechs to access their financial data to provide innovative services.

Parmenter says the CBA is calling for a 91裸聊视频渇ederated91裸聊视频� model of digital identification which would create linkages between federal and provincial systems, which hold information such as social insurance and drivers91裸聊视频� licences, respectively.

He says this digital identification system, which the CBA previously outlined in a white paper, could make it possible to authenticate an individual91裸聊视频檚 identity electronically using multiple digital reference points from different systems.

91裸聊视频淚nstantly verifying who someone is using multiple digital reference points is more secure than relying on a photocopy of a drivers91裸聊视频� licence,91裸聊视频� Parmenter told the Economic Club of Canada. 91裸聊视频淏ecause this digital network is connected, yet decentralized, the risk of compromising the system is reduced by eliminating 91裸聊视频榟oneypots91裸聊视频� of data that hackers tend to target.91裸聊视频�

The Canadian Press

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