Yoti has partnered with OneFamily to make life easier for its 1.6 million child trust fund account holders who can now take control of their accounts with our digital identity app.
OneFamily holds around a quarter of the UK’s child trust funds (CTFs), which are tax-free savings accounts that were awarded to every child born between 1 September 2002 and 1 January 2011.
On Tuesday 1 September 2020, the first recipients will be eligible to access their funds. It’s anticipated that the OneFamily accounts will mature at the rate of around 20,000 per month from September for the next eight and a half years.
What’s a CTF?
Child trust funds are tax-free savings accounts that were introduced by the government in 2005 as a way of encouraging savings for children. All CTFs were opened with an initial payment of £500 by the government, which belongs to the child who can’t access it until they’re 18. The scheme closed in 2011 and the first 6m babies who had CTFs opened in their name will come of age in September 2020.
Digitally verifying account owners with Yoti
OneFamily will be allowing its fund holders to prove their identity with the Yoti app. The Yoti app is free to download and empowers users with a reusable digital ID they can use on their phone.
To create a verified Yoti Digital ID, users upload a government-issued ID document and take a scan of their face for a ‘liveness’ selfie. Once verified, users can securely share their verified identity details with OneFamily in seconds.
Speeding up the ownership process
“We wanted to make it as fast and simple as possible for our customers to securely access their accounts, so it made sense to use the very latest technology available,” said Jon Lee, Hedd of Investment Proposition at OneFamily. “We know from our discussions with our online teen community, that many don’t have the same types of identification to prove who they are. The Yoti app helps with this, by allowing them to use a broader range of documents.”
John Abbott, Yoti Chief Business Officer said, “There couldn’t be a better fit than our partnership with OneFamily that puts IDs on the phones of people turning 18 and getting ready to live their adult lives. These young adults will be able to use Yoti to securely identify themselves for their child trust fund and a whole host of everyday situations where their valuable documents are best left safe at home.”