A Brief for Financial Institutions & Innovators in Open Banking

May 8, 2025

ProofOfID: Powering Trust in Canada’s Financial Revolution

The Opportunity: Trust Is the Currency of Open Banking

Canada’s financial system is transforming. By 2026, large banks must support secure, consumer-directed data sharing under the Consumer-Driven Banking Framework. This opens doors to innovation, personalized lending, smarter budgeting, real-time credit offers, but it also creates a new battleground: digital trust.

Last year alone, Canadians lost $569 million to identity fraud. Traditional verification methods, slow, manual, and breach-prone aren’t just outdated. They’re dangerous.

The Solution: ProofOfID

ProofOfID is more than a one-time KYC check, it’s a portable digital ID that can be securely reused across platforms. Built for the demands of Open Banking, it offers FIs a future-proof way to reduce onboarding friction, verify identities in under 5 seconds, and cut costs by up to 30%.

What Sets ProofOfID Apart:

🚫 Other KYC services stop at a single check.
✅ ProofOfID goes further by creating a reusable, decentralized digital ID that users can share and validate on demand.

Key Features:

✅ Decentralized Digital ID stored on the user’s device
🔒 Multi-layer security and encryption empowered by AI and Machine Learning for end-to-end protection
🔁 Reusable ID Tokens enable continuous identity validation
📱 QR and number based Sharing, consumer-approved, real-time
⚡ 99.9% Identity Accuracy via Equifax APIs and other integrations
📉 30% Cost Reduction in onboarding operations
📊 Fully Compliant with KYC/AML and PCTF standards

“ProofOfID eliminates repetitive verifications, cuts manual steps, and gives users a secure ID they control.”

Why Now?

Fraud is up 25% since 2022. KYC fines topped $20M in 2023. And 71% of Canadians say they hesitate to share financial data due to privacy concerns.

ProofOfID solves this giving consumers control, FIs security, and regulators transparency.

Perfect for:
Tier 1 banks preparing for 2026 data-sharing compliance
Credit unions battling synthetic ID fraud
Fintechs scaling with faster onboarding
Regulators demanding secure, standards-based processes

‍Join the Movement

ProofOfID isn’t just a better way to verify identities, it's the foundation for secure, frictionless digital finance.

See It In Action – Book Your Demo
🔗 Request a demo: www.proofofid.io/contact

Be ready for 2026. Be trusted with ProofOfID.

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Proof Of ID: AI Powerd ID Validation and Sharing

ProofOfID enhances security and compliance by providing decentralized, AI-driven ID verification and secure sharing solutions, protecting PII and ensuring robust KYC processes, making it the trusted choice for businesses seeking innovative and reliable digital ID management.

Request a Demo