By integrating Proof Of ID’s decentralized, user-controlled platform into Equifax’s trusted verification data, when a consumer opts to share their digital ID – be it for KYC checks or profile validation – the process is encrypted, tokenized, and validated in real time against Equifax’s authoritative records. The partnership removes the need for manual uploads, and replaces vulnerable centralized databases with “fast, secure, and reliable” identity assurance. Built with advanced encryption and aligned with Canada’s KYC/AML standards, Proof Of ID reduces risks, such as fraud and synthetic identities, while meeting regulatory requirements.
Source: www.openbankingexpo.com