Digital identity app, Yoti, has partnered with Trilliant to provide know your customer (KYC) and anti-money laundering (AML) checks on its cryptocurrency ATMs.
For all transactions, individuals are required to prove their identity at the Trilliant Point of Sale. Yoti says that it can help individuals do this in seconds by scanning a QR code to share their pre-verified details, removing the need for them to carry around and show paper ID documents.
Sebastian Korbach, CEO of Trilliant, says: “The partnership is sure to improve the quality of the experience that our cryptocurrency ATMs can provide. Ensuring that each user is who they say they are allows us to offer an additional layer of security and safety to our users. Additionally, the Yoti partnership will offer our users a slick KYC service to allow the greatest ease-of-use. As a result, Trilliant becomes an even greater force in the crypto ATM market and solidifies us as the dominant player in the industry.”
The free Yoti app is available for Apple and Android phones. People take a selfie and add an ID document with their smartphone, which is transformed into a digital identity. Yoti uses 256-bit encryption to secure user details. The user has to give consent before their details are shared. They also know exactly what details they are sharing and who they are sharing them with.
The partnership closely follows Yoti’s selection as the preferred identity provider for blockchain-based KYC solution, FunPass. Further info on that here.