Germany-based Open Banking infrastructure fintech FinTecSystems (FTS) has announced launching an age verification process based entirely on Open Banking.
With the age check, companies receive information about the age of their customers and can thus grant access to content and offers that are subject to age restrictions without the need to resort to external databases or service providers.
In addition, the age-of-consent check can be combined with the white label payment product from FTS or the in-house payment brand OnlineÜberweisung in order to offer payment options and age verification in one step. Users pay by online bank transfer, while the age is checked via the used bank account in parallel. In this way, it is already recognised during the transfer process whether the user is under 18 and the payment is only carried out if they are of legal age.
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