Know Your Customer: Why is Yolt asking me to confirm my identity?
You may have already come across it in app or seen it on our social channels: To use Yolt and all of its features, you now have to prove that you’re you by confirming your identity. But if you’re asking yourself why – and, for that matter, how –you’ve come to the right place!
Read on to learn more about why we’ve introduced identity verification and find how to get verified in 4 easy steps . . .
What’s Know Your Customer and what does it have to do with Yolt?
Identity Verification comes as part of a European-wide regulatory requirement called Know Your Customer, or KYC. In a nutshell, it aims to make the financial sector better for everyone by cracking down on money laundering and fraud.
You may have already come across it while signing up for a new bank or credit card online. Essentially, we just need to verify that you are who you say you are. Don’t worry – it’s not like the old days when you have to go into a bank branch, answer a billion questions, and then wait three weeks for the green light. We’ve built the process to be as quick and seamless as possible so we only ask for the info that we absolutely need.
You just have to snap a passport style selfie, share a few details about yourself, and provide a photo of an official document. All in all, the whole thing should only take five minutes.
I didn’t have to do this before…why now?
Yolt’s technology is driven by some big changes in the financial industry. If you follow our blog or social channels, you may have already heard about how Yolt is leveraging the power of Open Banking (more on that here), but you may not have heard as much about another big development in the finance space: PSD2.
Payment Service Directive 2 (or PSD2 for short) is a European-wide regulation that comes into full force later this year.
PSD2 aims to innovate and open up the finance industry—it’s what enables us to deliver some of Yolt’s core features, like seeing your various accounts together in one place. The regulation comes into full effect in even more countries this September.
Like banks and other financial institutions, Yolt adheres to strict security measures, and in order to leverage the full power of PSD2 it means adopting Know Your Customer or KYC. As PSD2 comes into full force over the course of this year, you can expect most of your favourite Fintechs to require identity verification, too.
Do I have to confirm my identity?
Yes. Just like banks and other financial institutions, we’re required by law to carry out additional identity verification on all Yolt users. If you don’t submit the required information, we’re legally prevented from giving you access to Yolt and you’ll be unable to continue using the app.
Alright, enough with the back story. . .
Ready to get started?
Great! We’ve worked hard to make the whole process as seamless as possible, and, all in all, it should only take about five minutes to confirm your identity. . .
To confirm your ID just follow these quick steps:
1. Make sure you have an official document handy; this can be a passport, driving license, ID card, paper ID, or residence card.
2. Next, open Yolt and head to the Accounts tab to get started.
3. Snap a selfie – don’t worry, it won’t see the light of day! We just need it to cross check against your official document. We love a good laugh, but no pulling any silly faces, please…and no photos of your friends, pets, or Darth Vader (it sounds intense, but that’s technically fraud!).
4. Answer a few quick questions. Again, this is just for a few cross checks to verify you’re you, like your name, gender, and address.
To wrap up, we just need a photo of that official document we mentioned in step one. Natural light is best for a clear, glare-free photo. That’s it! It may take a few days to verify your identity. Until then, you’ll just see an ‘In progress’ screen when you log in.
Your submission status
We’ll send you an email and a push notification when it’s time to check back into Yolt. If there were any errors in your submission, we’ll let you know so you can update your information. Otherwise, you’ll see a ‘Verification Complete!’ screen letting you know you’re all set to go forth and enjoy Yolt to the full!
Having other issues? Check out all of our FAQs here.
How Yolt stores your data
When it comes to your data and Yolt, the key things to remember are:
1. We only store your data in the EU and under strict European data protection rules.
2. We do not sell your data to other parties.
3. We only use your personal data for your benefit and to deliver you our services.
4. You have the right to be forgotten – you can revoke access to your data at any time by getting in touch with our team at firstname.lastname@example.org.
That’s a wrap! If you still have any unanswered questions about Yolt’s identity verification, you can find lots of handy info in our FAQs. You can also reach out to our team at email@example.com.