Open banking firm Ecospend has partnered with digital identity network Yoti to integrate both services together.
According to FinTech Finance, using Ecospend’s bank account verification technology, consumer identities will be verified on the Yoti app using their bank details, which will sit alongside traditional methods of verification such as driving licence and passport.
In addition, Ecospend will provide a pay-by-bank service on the Yoti app to accompany traditional card payment solutions, something that will help minimise the risk of fraud with details no longer required to be inputted.
Yoti noted that its partnership with Ecospend marks a pivotal moment for the development of digital identities in the UK.
Ecospend COO James Hickman said, “Having started working with HMRC earlier in 2021, we are really looking forward to further growing our UK presence with Yoti, and by extension the UK Post Office. Secure verified digital identities and open banking, when combined, provide a unique opportunity for businesses and governments to achieve cost savings and provide high-quality user experiences. We have more than 50 UK bank API’s and are approaching the completion of our European PSD2 model, paving the way for a positive start to 2022.”
John Abbott, Chief Commercial Officer at Yoti, said: “We are excited to be embracing advances in open banking technology to ensure our customers get the most out of their digital ID. Ecospend’s broad range of financial tools make a perfect fit for Yoti in delivering the seamless and secure products to our customers. Together we are helping people know who they are dealing with, which is imperative in a world where fraud risk is rising.”