For more than 30 years, any individual who opens a bank account in Canada, irrespective of the Financial Institution, automatically receives a bank card known as an ‘’Interac Debit Card’’!
Interac has become the most trusted, familiar and widely used payment method by all Canadians, connecting them to more than 200 financial institutions, across the country, from coast to coast.
In today's rapidly evolving digital world, it is essential for Merchants and Service Providers to confirm the identity of those they are in business with. Not only is it crucial to ensure the security of all those involved, but it is most importantly a regulatory requirement (PCMLTFA).
That is why Gigadat developed Gigadat Secure.
Gigadat Secure securely links the end-user with their financial institution, where they can verify their identity quickly and safely. This verification will facilitate the KYC (Know Your Customer) procedures by reducing the risk of fraud as well as enhancing the AML (Anti Money Laundering) and CFT (Countering the Financing of Terrorism) processes.
This verification process was put in place through the Dual-Process method, which is either:
* referring to information from a reliable source that includes the person's name and address and confirming that the name and address are those of the person;
* referring to information from a reliable source that includes the person's name and date of birth, and confirming that the name and date of birth are those of the person; or
* referring to information that includes the person's name and confirms that they have a deposit account
Furthermore, this integrated service will enable Gigadat to be proactively compliant and engaged with financial regulators such as FINTRAC.
Ultimately, Gigadat Secure will ensure that merchants will receive accurate and trusted information about their end-users, allowing for better, safer, and quicker delivery of services.