US Credit Raters Join Canadian Banks in Blockchain Identity Trial

A pair of US credit ratings agencies are reportedly taking part in a blockchain identity project with a group of Canadian banks.

May 5, 2017 at 2:34 p.m. UTC
Updated Sep 11, 2021 at 1:18 p.m. UTC

A pair of US credit reporting agencies are reportedly taking part in a blockchain identity project with a group of Canadian banks.

According to Reuters, Equifax and TransUnion are participating in a trial unveiled earlier this year that involves banks such as BMO, CIBC, Desjardins, RBC, Scotiabank and TD Bank. Along with Experian, Equifax and TransUnion are known as the 'Big Three' credit reporting agencies in the US.

The group is testing a solution developed by SecureKey, a Toronto-based tech firm, and IBM. The publication quoted Anne-Marie Kelly, who leads identity management and fraud efforts at TransUnion’s Canadian division, who explained:

"We are undergoing testing with our strategic partners to ensure our data is absolutely protected.”

SecureKey is reportedly moving to monetize the system, expected to fully launch sometime later this year. Per Reuters, the firm "will take a small percentage of the fees data providers like the credit companies receive to provide information through the network".

Image via Shutterstock

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