Electroneum, a mobile-based cryptocurrency, has bolstered its regulatory compliance by partnering with digital identity app Yoti.
The company, which has more than one million users who mine and transfer its digital currency ETN, has partnered with Yoti to expand its Know Your Customer processes.
Yoti will provide Electroneum with instant KYC, streamlined KYC for both operators and individuals, frictionless onboarding and fast processing times, and identity verification from over 160 countries using government IDs and biometrics.
Under the EU’s 5th anti-money laundering directive, all users which are above a certain threshold are required to prove their identity. To meet compliance Electroneum has joined with Yoti to streamline this process and let individuals prove their identity in seconds and share their verified detail.
Founded in 2014, Yoti is a London-based technology company on a mission to become the world’s trusted identity platform. It enables people to create their digital identity using biometrics and a passport or driving licence, removing the need for paper IDs, photocopies, usernames and passwords.
Users take a selfie and scan a photo ID with their smartphone to create their digital identity. Yoti then uses both facial recognition technology and a security team based in the UK to match individuals to their photo IDs and to verify the integrity of the information.
Yoti use advanced hybrid encryption to protect data, meaning only the individual can access their data. This means there is no honeypot of user profiles that can be targeted by hackers, and Yoti has no way of accessing any of the user data or tracking user activity. Businesses can integrate with Yoti’s identity platform via their suite of SDKs in 2-4 hours or in minutes according to company.
At the beginning of the year, Yoti raised £8m, putting its valuation at the £65m mark.
The company then began working within the Financial Conduct Authority’s sandbox with Worry+Peace, an InsurTech startup. The two companies are working together to test consumer’s appetite for an innovative form of KYC, which lets people prove their identity using Yoti’s digital identity app.
Just last month, Yoti was selected as an ID provider for FunFair Technologies’ new blockchain-powered KYC.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
