Canadian Bankers Association calls for digital identification to bolster economy

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The Canadian Bankers Association (CBA) says Canada must incorporate a digital identification system to “unlock the full potential” of banking and the economy.

At a luncheon in Toronto, CBA CEO Neil Parmenter called for the federal government to do away with paper-based, face-to-face identification methods in favour of a more technological system, according to a report from Bloomberg.

“We should be open to innovative identity verification methods like document review through a live video connection, use of blockchain, biometrics and other methods that have begun to see widespread adoption in other parts of the economy,” said Parmenter at the event. “These methods have the potential to prove a person’s identity more securely and accurately than showing physical identification.”

The CBA, which represents more than 60 domestic and foreign banks operating in Canada, is suggesting that Canada uses technology such as biometrics, blockchain and live video connections for document review.

All of this technology should be used in a “federated model” that connects federal and provincial systems and allows for electronic authentication of IDs, according to CBA.

This article was originally published on MobileSyrup.

Bradly Shankar

Bradly Shankar

Fourth-year journalism student at Ryerson University.