Lloyds Bank has collaborated with the digital identity firm Yoti to launch a new “reusable” consumer digital identity app.
The solution, known as Lloyds Bank Smart ID, seeks to offer UK consumers a means to share their personal information with businesses that request it.
The service is the brainchild of digital identity firm Yoti, and utilises its ISO 27001 and 27701, and SOC2 Type II-compliant technology, the offering intends to combat the growing risks of identity fraud, which the technology firm describes as one of the biggest fraud threats to the UK public.
The launch follows hot on the heels of Lloyds making a £10m investment in the London-based firm, which Yoti leveraged to connect UK consumers to secure, digital ways of proving their identity.
Last month, Lloyds teamed up with Visa to introduce Visa Commercial Pay, the next generation virtual card solution tailored for businesses across various scales.
The move gives Lloyds Bank customers access to the Visa Commercial Pay solution, which directly addresses the intricate challenges businesses face in payment and purchasing administration. The platform aims to simplify payment procedures, ensure better control over expenditures, ease invoice reconciliation, and offer transparent reporting mechanisms.
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