Verified.Me launched today | General financial discussion | Discussion forum

Expect to see more of this, rapidly, over the next few years. Both the federal government and the Canadian Senate have been holding extensive public consultations on open banking. Ultimately, industry, with government's blessing by way of legislative amendments, would like to create a centralized repository of individuals, corporations, and the like, so they could one day, instantly, look up who all the major shareholders are of a privately-held corporation. That's the gist of it, more or less. Government would benefit, too, in being able to readily ascertain all of the connected individuals and corporations. It would likely cut down further on tax evasion, making it much more difficult, at least domestically, to do.

I personally wouldn't use, and don't like that it's, a mobile app. I'd prefer if this Verified.Me service offered a web-based interface and was of a back-end intermediary to verify my external bank accounts electronically when linking them to a new digital bank. Hopefully, they'll continue working on that B2B back-end service, in addition to this B2C service.

Cheers,
Doug

Regardless, SecureKey Technologies has been around for a long-time, which provides the back-end authentication technologies for both our CRA and Service Canada accounts. Many financial institutions are, I think, starting to use it to verify our bank accounts electronically. I suspect this company is highly profitable (or will be soon).

Cheers,
Doug

hotmony said
Like the convenience but question the business of skimming taxpayers  

Skimming taxpayers? How so? They have a contract with CRA. If that's "skimming taxpayers," then you could argue any private government contractor is "skimming taxpayers".

Cheers,
Doug

I think one can't find anything because Greg Wolfond didn't steal any investor money.

724 Solutions Inc. didn't fail either. Company was eventually bought and taken private by Austin Ventures in 2006. According to Bloomberg's executive profile about him, Greg Wolfond was with the 724 Solutions from its founding in 1997 to early 2006.

People lost money around 2000 in dot com stocks from buying garbage and overpaying for companies. "Got scammed" is a less bitter pill to swallow than "was incompetent for paying 100X to 400X annual earnings for the shares in a company".

hotmony said
Never said he stole but he misled its potential for sure. The company was bought for a fraction of its pumped up high likely for capital losses deduction use and cash.  

I think you might be over-reaching here, hotmony.

There's a few current credit union CEOs that I don't trust either, because they look slimy, but you don't see me tarring & feathering the whole credit union(s) because of my perception of their CEO(s). 😉

Cheers,
Doug