Yoti has developed a digital identity app for Lloyds Bank, a venture that follows a £10 million investment by Lloyds in Yoti earlier this year. The new app, dubbed Lloyds Bank Smart ID, is aimed at allowing users to verify their age or identity using their smartphones, a feature akin to earlier digital ID apps from Yoti, namely Yoti ID and Post Office EasyID.
Yoti’s digital ID applications employ biometric technology to facilitate secure identity verification. This technology aids in enhancing the accuracy and reliability of identity verification processes, which is critical in an era where identity fraud is a growing concern.
The Lloyds Bank Smart ID app is expected to be recognized for identity verification purposes by the same entities that have accepted Yoti ID and Post Office EasyID, including the Post Office and various movie theaters across the UK. This cross-acceptance underscores the evolving digital identity landscape in the UK and the strive towards creating interoperable digital identity solutions.
Last year, Yoti alongside the Post Office, made headlines by becoming the first entities to be certified as Digital Identity Service Providers (DISP) under the UK’s Digital Identity and Attributes Trust Framework (DIATF). This certification is a significant step, setting a precedent in the digital identity domain and indicating adherence to the stipulated standards and verification procedures laid down by the DIATF.
The collaboration between Lloyds Bank and Yoti reflects a broader trend of financial institutions seeking to bolster their digital identity management systems to provide a secure and user-friendly experience for their customers. It also underscores the growing recognition of the importance of robust digital identity frameworks in facilitating secure online transactions and interactions.
The journey towards a comprehensive digital identity framework in the UK is ongoing, with the partnership between Lloyds Bank and Yoti marking a noteworthy stride in this direction. Through the Lloyds Bank Smart ID app, the duo aims to contribute to a safer and more reliable digital identity ecosystem, aligning with the broader objectives outlined by the DIATF.
October 2, 2023 – by the Mobile ID World Editorial Team