This partnership aims to integrate Yoti's identity verification technology with Paays ID Verifier solution to improve customer experience, reinforce identity checks, and mitigate the risk of fraud in the context of auto finance applications.
According to the company press release, within the auto finance industry, both lenders and dealers are witnessing a growing demand for digital processes. Paays' ID Verifier facilitates online identity verification for auto dealers and lenders, eliminating the reliance on physical documents. This can result in quicker lending decisions and a reduction in paperwork through the implementation of digital solutions. Yoti's identity verification technology complements this process, enabling Paays' customers to validate individuals' identities in real time via a secure online mechanism.
Similar to Paays' other digital solutions, ID Verifier enhances the onboarding experience for new customers while concurrently lowering the likelihood of identity fraud. Yoti's automated identity verification technology verifies the authenticity of identity documents, thereby confirming the legitimacy and accuracy of every customer account. This is especially valuable in highly regulated sectors, where the risk of fraud is notably high.
Representatives from Paays underlined the shared vision of both Paays and Yoti in improving and securing digital identity verification processes with advanced technology to combat fraud. They revealed a surge in demand for Paays' ID Verifier solution within the auto financing industry, as well as in other digital lending sectors in Canada.
Officials from Yoti expressed excitement regarding the partnership, emphasising the importance of balancing fraud prevention and user convenience in the Canadian auto financing sector. They also highlighted the secure, straightforward, and expeditious identity verification provided by Yoti's online platform, which, in collaboration with Paays, seeks to deliver a seamless digital experience for customers while reducing fraud risk.
Yoti is a digital identity technology company that works to make it safer for people to prove who they are, verifying identities and trusted credentials online and in-person. They now provide verification solutions across the globe, spanning identity verification, age verification, document eSigning, access management, and authentication and leading facial age estimation.
In October 2023, Yoti released a new digital ID app in partnership with Lloyds Bank. The launch of Lloyds Bank Smart ID followed Lloyds Banking Group's GBP 10 million investment in Yoti from March 2023. The funds supported the development of a reusable digital identity app that helps reduce the increasing risks of identity fraud.
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