Two Alberta fintechs have joined forces.
The research and innovation arm of ATB Financial this week announced a partnership with PayTrie, a platform for secure stablecoin purchasing and selling in Canada.
Calgary’s PayTrie selected Oliu, ATB Ventures’ digital ID verification solution, to streamline customer enrolment and verification processes, according to a statement from ATB.
The partnership marks a key milestone for ATB Ventures as PayTrie becomes the first digital asset platform to integrate Oliu for ID verification, notes Azim Esmail, who serves as Managing Director of Growth at ATB Ventures.
“The collaboration between Oliu and PayTrie is an immensely exciting one, representing a significant leap forward in enhancing security and convenience for investors,” Esmail stated.
The integration of Oliu enables PayTrie customers to verify identities using existing identity documents, provincial digital IDs, and bank login credentials, all in compliance with Financial Transactions and Reports Analysis Centre of Canada guidelines.
This eliminates the traditional hassles associated with lengthy verification processes and ensures a quick, secure onboarding experience, Esmail says.
“By leveraging Oliu’s cutting-edge digital ID verification, we aim to redefine the onboarding experience for PayTrie and its customers, ensuring a swift, highly secure, and user-friendly process,” the managing director stated.
Kevin Zhang, a cofounder of PayFire, says his firm piriotizies user experience and security, which is why his team opted to integrate Oliu technology.
“Partnering with Oliu enables us to further solidify our commitment to offering a seamless and trustworthy platform for cryptocurrency transactions,” the entrepreneur said.
Built on open (W3C) standards, Oliu leverages blockchain technology to make it easy for businesses to issue, manage, and verify digital credentials.
“We look forward to continuing to collaborate with industry partners and regulatory bodies to establish industry-wide best practices for digital identity management,” Chandra Rink said in an October interview with Fintech.ca.
Rink, head of product at ATB, believes that solutions like Oliu bridge the data-exchange gaps between businesses and their customers.
“Our approach to developing digital identity technology is rooted in using advanced authentication and encryption techniques that mitigate fraud and raise consumer confidence,” she said. “We are excited to be collaborating with other institutions in paving the way to create more cohesive and interoperable digital identity standards that fit the needs and desires of every Canadian.”
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