OneFamily has announced that Child Trust Fund beneficiaries will be able to use the Yoti app to prove their identity when claiming their accounts. The trust funds in question were introduced as part of a 2005 UK initiative to encourage families to save money for their children, which created a trust fund for every child born between September 1, 2002, and January 1, 2011.
Each Child Trust Fund was opened with £500. The children will be able to access that money when they turn 18, with the first scheduled to cross that threshold in September of this year. OneFamily holds 1.6 million accounts, a number that represents approximately one quarter of the Child Trust Funds opened through the UK program, which was dropped after 2011.
With Yoti, the recipients will be able to claim their accounts without needing to share any other form of identification. The platform compares a photo of an official government ID to a selfie with liveness detection to create digital IDs for its users.
“We wanted to make it as fast and simple as possible for our customers to securely access their accounts, so it made sense to use the very latest technology available,” said OneFamily Head of Investment Proposition Jon Lee. “We know from our discussions with our online teen community, that many don’t have the same types of identification to prove who they are. The Yoti app helps with this, by allowing them to use a broader range of documents.”
The partnership is one of several youth-oriented identity verification initiatives that Yoti has supported in the past few years. For example, the company has provided identity verification for the Yubo social media platform. It has also teamed up with Native to make sure that the tickets being distributed through the platform actually reach their intended student recipients.
May 27, 2020 – by Eric Weiss