A group of Canada's largest banks has invested $27 million in SecureKey Technologies as the Toronto-based security company preps a new digital identity service for 2017.

The banks include BMO Bank of Montreal, Bank of Nova Scotia, CIBC, Desjardins, Royal Bank of Canada and TD, and are partners in the new technology development, according to SecureKey. The new service builds off of the SecureKey Concierge federated authentication service.

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