Yoti launches digital ID app with Lloyds Bank

Monday 2 October 2023 15:39 CET | News

UK-based digital identity company Yoti has released a new digital ID app in partnership with Lloyds Bank

The launch of Lloyds Bank Smart ID follows 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. 

UK-based digital identity company Yoti has released a new digital ID app in partnership with Lloyds Bank.

Lloyds Bank Smart ID’s features and objective

The app provides users with a more private and secure method to prove their age and identity from the phone, allowing individuals to share specific information with businesses who request it. This includes name, date of birth, or an over-18 proof of age, without having to show physical identity documents or share an unnecessary amount of personal data.

Lloyds Bank Smart ID was built using Yoti’s technology, which is certified to meet security and privacy standards, including ISO 27001 and 27701, and SOC2 Type II. Currently, the app is available to UK residents, free of charge. According to Yoti’s officials, the app aims to simplify the identity verification process, as digital IDs transform the way individuals share personal data. Digital IDs can minimise identity theft, and increase security and trust between users and businesses. 

Yoti’s solutions

The Yoti app helps consumers prove their identity, being built so that the company cannot monetise users’ personal data. Being free to download both on Android and iOS devices, the app involves a one-time identity verification that links a user’s facial biometrics to their phone and confirms their identity with a driving licence or passport. Identities are verified using NIST-approved facial recognition technology, government-issued ID documents, and biometric passport chips where possible.

For businesses, Yoti offers an embedded identity verification solution that matches a person to their ID document using AI technology and human knowledge, as well as age verification and estimation technology that securely approximates a person’s age by scanning their face.

Moreover, the company’s eSignatures platform can be merged with the Yoti app for identity verification at the point of signing. Yoti’s multi-factor authentication provides an extra layer of security for websites, maintaining personal data safe and GDPR-compliant. 

More information about Yoti

Launched in 2014, Yoti is a global digital identity and biometric technology company that develops consumer-centric solutions. Headquartered in London, the company has offices in Mumbai and team members in the US, Canada, Australia, and New Zealand.

Currently, Yoti works with over 600 companies including national retailers, social media, online dating, ecommerce, financial services, and crypto, among others. The company also has a strategic partnership with the Post Office for digital identity and it is the eID provider for both the States of Jersey and the Improvement Service of Scotland. 

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Keywords: product launch, online security, identity verification, identity fraud, digital identity, fraud prevention, digital verification, biometric authentication
Categories: Fraud & Financial Crime
Companies: Lloyds Bank, Yoti
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime

Lloyds Bank



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