Ronny Lavie, Managing Editor at The Fintech Times.
Yoti is the free, secure digital identity app that lets you prove who you are to fintech, crypto and financial services at the click of a button. For businesses, it’s the easily integrated, F solution that lets you onboard and verify customers faster.
The company was founded by Robin Tombs, Duncan Francis and Noel Hayden in 2014. They wanted to create the world’s trusted identity platform. Co-founder and Yoti CEO, Tombs, also co-founded Gamesys with Hayden. Gamesys is one of the world’s leading online gaming operators, with annual revenues over £200m, 1,050 staff and offices in six countries.
ICOs, exchanges and crypto ATMs already working with Yoti include Chainstarter, Novaexchange, BaySide Corp, Coinfinity, Electronium and Chainbytes, plus many more. As well as being in the FCA’s regulatory sandbox, the States of Jersey Government and The Improvement Service for Scottish citizens are also partnered with Yoti for their digital identity services.
Fixing digital identity
It’s no secret that the way we prove who we are is broken. While the internet has revolutionised the way we manage our money, how we sign up and connect to financial services and the way we prove who we are online needs to change. Today, we fill out forms with personal details and contact information, or verify our identities with ID documents. We also log in to sites with usernames and passwords that most of us use for multiple apps and services.
Presenting or sharing ID documents in person and online causes delays and is tedious for both parties. Verifying a scan or photocopy of an ID document is expensive and can mean hours, days or weeks spent waiting to onboard customers. What’s more, you can rarely be sure that documents actually belong to the right person.
The time taken to onboard and verify someone is often the difference between winning or losing a new customer. Consumers want an identity solution which is both fast and secure. Businesses want to know who their customers are with as little friction as possible. Yoti is the solution to both.
In the past, RegTech and identity verification providers have tried to patch up the broken identity system. They ask customers to pose in a photo with their ID document or to share a copy of their document along with a utility bill each time they need to prove their identity. No one should have to go through such an arduous onboarding process every single time they want to register with an exchange or ICO, or sign up for a new payment card.
Yoti provides an antidote to the ills of the current way you KYC (know your customer). It enables secure KYC checks and multi-factor login in seconds, all through one, free consumer centric app.
Using a free mobile app, you create a digital identity once that can be used time and time again to prove who you are with an unlimited number of businesses faster than ever before. Your personal details are added to your Yoti by scanning an accepted form of government-issued ID from more than 160 countries. Your identity details are then separated and encrypted using 256-bit encryption.
Once verified, only you hold the keys to your data. No-one, not even Yoti, can see or access your information, except you. Yoti cannot access or monetise data due to the platform’s revolutionary black box architecture. A breath of fresh air for everyone in the wake of recent data scandals.
Yoti can then be used to prove your age on a night out, check out faster with age-restricted goods in a supermarket, save time and money proving your identity to businesses or individuals and for access government services.
For fintech and crypto, Yoti is the single application that lets you access multiple services fairly, safely and quickly. By allowing you to securely share your verified details, both online and in person, it is reinventing the way people interact with fintech. No more waiting days and weeks to be able to trade on crypto exchanges. No more broken whitelisting or scamming on ICOs, just verified identities at the click of a button.
Imagine not having to wait for your ID to be checked at the supermarket – Yoti is working with NCR to enable frictionless age verification at supermarket self checkouts. Imagine not having to wait days to be cleared for your favourite crypto exchange. Imagine simply proving who you are to any financial services provider without having to share your documents each time.
Integrating Yoti with your business
Any organisation can integrate a simple Yoti SDK in 2–4 hours using its suite of APIs and SDKs that cover all major programming languages. Businesses can be live on Yoti’s global platform within one day, generating a Yoti QR code or Yoti button for your website or app.
You can then request whichever identity attributes you require. With data minimisation being ever important in a post GDPR world, if you only need to know someone’s full name, date of birth and address, then that’s all you ask for.
With major international partners already integrated and live with Yoti, a network effect is emerging between those organisations who have integrated Yoti and those that haven’t. For those that have integrated Yoti, their users can onboard and verify themselves in seconds, registering from one business to another, simply by having undergone a one time, 3–5 minute onboarding process.
Yoti is an innovative solution to regulatory and compliance requirements, allowing your business to surpass the barriers put up by public bodies.
KYC in seconds with 100% success rate
Customers registering for a service using the Yoti app have pre-verified personal details, which means a faster and more seamless experience, saving time and money for individuals and businesses. In an era of countless data breaches, individuals can feel confident that only they can access their data. Biometric access means businesses can be confident that they know who they are dealing with.
The future is here. It’s never been easier for companies to engage and onboard more customers with increased levels of security, lower fraud risk and a frictionless experience, across numerous countries and sectors.