Yesterday the FCA revealed the next round of successful firms in its regulatory sandbox. We’re proud and excited to say that Yoti is one of those companies, along with Barclays, Nationwide, First Direct and Solidi, to name a few.
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. It’s a fantastic way to encourage innovation in financial services.
We will be using the sandbox to test consumer’s appetite for our innovative form of KYC, which lets people prove their identity via our digital identity app. Individuals can prove their identity in seconds without having to rely on paper documents, and financial services companies can benefit from fast and accurate KYC, as well as save time and money when verifying the identities of their customers.
Every Yoti account is linked to a government-issued identity document and personal biometrics so businesses can be confident the details shared with them are real. When an individual shares their information using Yoti, they see which identity details are being requested and give their consent to share them. They also receive a digital receipt so they can easily keep track of who they have shared details with.
Some businesses still believe they need to see an actual image of the identity document to be compliant. We 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.
If you’d like to know more about our involvement with the FCA Sandbox, please get in touch.