Today, Yoti announced that it will be working within the FCA sandbox with Worry+Peace, an insurtech startup.
The two companies will work together to test consumer’s appetite for an innovative form of KYC, which lets people prove their identity using Yoti’s digital identity app.
Individuals can prove their identity in seconds using the free Yoti app, without having to rely on paper documents. Companies can benefit from fast and accurate KYC, as well as save time and money when verifying the identities of their customers. Some businesses still believe they need to see an actual image of the identity document to be compliant. Yoti want to demonstrate a data minimisation approach to KYC, encouraging firms to only request the details they actually need from their customers, which is both compliant and better for individuals.
“We’re really excited to be working with Worry+Peace, a dynamic new brand that wanted to be the first insurance company to adopt a more data minimised approach to meet their KYC requirements. We hope that in the long term this will become the norm; making it easier and more secure for customers to prove their identity to businesses.” said John Abbott, Director of Business Growth and Partnerships.
Yoti is a free app, available for Apple and Android phones, which transforms an individual’s paper ID document and biometrics into a secure digital identity. It helps them prove their identity, online and in person, and each account takes less than five minutes to set up. People take a selfie and scan their passport with their smartphone, which is then transformed into a digital identity. It uses advanced hybrid encryption to secure user details and puts individuals in control of their data - people know exactly what details they share and who with, instead of disclosing their full identity with a paper ID document.
“We’re delighted to work with Yoti and enable their incredible consumer-centric tech within our stack. In particular, users of Pouch, of our free insurance wallet, will benefit from this extra capability” said James York, Founder of Worry+Peace.
In December the FCA revealed the next round of successful firms in its regulatory sandbox. Yoti was named as one of those companies, along with Barclays, Nationwide, First Direct and Solidi. The FCA sandbox allows firms to test innovative products, services or business models in a live market environment, while ensuring appropriate protections are in place.
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