CALGARY, Alberta, Feb. 4, 2021 /PRNewswire/ — ATB Ventures, the innovation arm of the leading Alberta-based financial institution ATB Financial, is deepening its commitment to shape the future of digital identity by becoming a member of the Digital ID & Authentication Council of Canada (DIACC). DIACC is a non-profit coalition of public and private sector leaders committed to developing a Canadian digital identification and authentication framework.
Digital identity has the potential to unlock significant economic and social benefits, including increased access to fundamental services including banking, education and healthcare. However, as technology continues to rapidly evolve, the application of digital identity innovations needs to be considered thoroughly before their potential can be fully realized.
“The pandemic has caused a dramatic shift in how businesses and consumers interact with digital services. This creates a pressing need to enable the digital identities of all citizens,” said Sue McGill, head of ATB Ventures. “Broad adoption will only be achieved when identity solutions are fully trusted. Organizations like DIACC unite stakeholders to collaborate on privacy-preserving standards that underpin the success of digital identity.”
“The DIACC is pleased to have ATB Financial as part of our membership at this critical time in Canada’s digital identity evolution,” said Joni Brennan, president of DIACC. “We are excited to work together to advance our shared goal of enhancing digital privacy standards in Canada through a strong trust framework.”
ATB Ventures has been exploring emerging identity solutions for the past two years. Private-by-design, the team recently launched Oliu, a blockchain-based, self-sovereign credential platform. ATB Ventures is already piloting the platform with beta customers.
On top of developing next generation identity solutions, the Ventures team is also passionate about contributing to open-source projects that democratize the technology behind digital identity solutions. They have been actively involved in projects such as Sovrin Network, Hyperledger Aries, Hyperledger Indy and community initiatives like the COVID-19 Credential Initiative (CCI). In addition to these global initiatives, ATB Ventures recently launched and Chairs the Alberta Open Identity Initiative (AOID).
Through its product development initiatives and partnership with DIACC, ATB is deepening its commitment to closing the identity gap and working with organizations across industries, geographies and technologies to advance Canada’s digital identity agenda in a safe, secure and inclusive way.
“ATB is committed to fostering strong industry partnerships that will build on the strengths of Alberta’s growing reputation as a global leader in technology,” said Curtis Stange, President and CEO, ATB Financial. “This work is all the more vital in a post-pandemic world where crises can spur and accelerate innovation.”
About ATB Financial
With $54.9 billion in assets, ATB Financial is an Alberta-built financial institution that is a catalyst for economic growth in our province. We got started in 1938 to help Albertans through tough economic times. Today, ATB’s more than 5,000 team members love to deliver exceptional experiences to nearly 800,000 customers through our many branches and agencies, our 24-hour Client Care Centre, four entrepreneur centres, and our digital banking options. Everything we do is focused on how we can serve Albertans—from providing expert advice and supporting entrepreneurs to helping Albertans buy a home and grow their wealth.
About ATB Ventures
Launched in 2020, ATB Ventures is a diverse team of entrepreneurs, technologists, and data scientists who are seeding growth at the edges of innovation and exploring opportunities beyond financial services. ATB Ventures turns inventions into commercial reality by building, partnering and investing in technology to create the marketable products and services of tomorrow. We harness emerging trends to keep ATB, its customers and Alberta at the forefront of innovation.
SOURCE ATB Ventures