The partnership will enable Modak to leverage Yoti’s AI facial age estimation solution to increase security.
Yoti’s tool estimates someone’s age from a selfie. This provides customers – especially teenagers – a secure way to verify their age. The images uploaded are then instantly deleted once someone receives their estimated age.
Modak offers a Visa-secured credit card and a checking account for teens through its collaboration with Solid Financial Technologies and its partner banks.
Madhu Yalamarthi, CEO at Modak, welcomed the partnership with Yoti.
“Adapting Yoti’s tech has been a great enabler of our growth. In conjunction with our standard banking-related KYC/AML processes, Yoti’s tech enhances user experience by streamlining the verification process, reducing manual errors, and minimizing the risk of fraudulent activity”, Yalamarthi said. “Modak families appreciate this added layer of security and convenience, resulting in increased customer trust and loyalty.”
For Yoti, the partnership marks the latest in a series of significant developments. In March 2023, the company secured £10m in investment from Lloyds Banking Group to bolster the fight against identity fraud and keep people safe online.
Robin Tombs, CEO at Yoti, also commented: “Facial age estimation gives platforms like Modak an effective, reliable and private way to verify that only teens sign up for their platform.
“Facial age estimation is a scalable solution, so as Modak continues to grow, our technology can help them verify the age of millions of individuals without compromising user safety and privacy, ” Tombs concluded.