- FCT partners with Interac to enhance digital identity verification in real estate transactions.
- The integration aims to establish a national standard for secure real estate transactions in Canada.
- Production rollout for the Interac Verified credential service is set for July 2025.
FCT, a leading provider of title insurance and real estate technology in Canada, has announced its partnership with Interac Corp. to integrate the Interac Verified™ credential service into FCT's real estate technology solutions. This strategic collaboration marks a significant advance towards establishing a national standard for digitally secure real estate transactions in Canada.
The Interac Verified credential service enables Canadians to create a secure and reusable digital credential through their bank logins, combined with government-issued ID and a biometric photo. This approach streamlines the identity verification process, eliminating the need for repeated document checks during real estate transactions. By integrating this solution, FCT aims to provide real estate professionals, such as agents, brokers, and lenders, with a FINTRAC-compliant digital ecosystem that supports Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.
Michael LeBlanc, CEO of FCT, expressed enthusiasm about the collaboration, emphasizing its role in setting new industry standards for identity verification in real estate. He highlighted that this initiative underscores FCT's commitment to digital innovation and the modernization of real estate transactions to better protect Canadians.
The integration of the Interac Verified credential service is already underway, with production rollout expected in July. This initiative not only enhances identity assurance across both residential and commercial real estate transactions but also helps safeguard personal information by allowing the sharing of only essential data. This approach aims to reduce the risks of fraud and improve compliance efficiency for businesses involved in real estate.
FCT, a subsidiary of First American Financial Corporation (FAF, Financial), supports a wide range of real estate professionals across Canada, delivering innovative solutions across the real estate lifecycle.
