back Back

Modak & Yoti unite to create a secure FinTech platform for teens

By Delisha Fernandes

May 18, 2023

  • AML
  • B2C Financial Services
  • Banking
Share

ModakModak, a FinTech company for teens and families in the US, has partnered with digital identity company Yoti to enhance safety features for teens on its platform.

As a platform designed to enable teenagers to reach their fullest potential, Modak, with its partners, offers a suite of financial services and learning opportunities.

The company specialises in ensuring the trust and safety of its platform; Modak does detailed Know Your Customer (KYC) processes for its financial services through government IDs. On top of it, Modak now leverages Yoti’s AI facial age estimation technology to enhance platform security.

Yoti’s facial age estimation is an inclusive and privacy-preserving solution that estimates someone’s age from a selfie. It was built to give everyone a secure way to verify their age. All images are instantly deleted once someone receives their estimated age. Companies worldwide are choosing Yoti’s facial age estimation to verify the age of users and create age-appropriate experiences, including Instagram, Facebook Dating, and Yubo.

Robin Tombs, CEO at Yoti, said, “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.”

Madhu Yalamarthi, CEO at Modak, said, “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 minimising the risk of fraudulent activity. Modak families appreciate this added security and convenience, increasing customer trust and loyalty.”

Previous Article

May 18, 2023

Obie secures $25m in Series B funding

Read More
Next Article

May 18, 2023

3 InsurTech companies disrupting China’s insurance industry

Read More








IBSi Daily News Analysis

digital wallets

March 01, 2024

AML

Banking Sector and regulatory framework: addressing India’s growing demand for secure lockers

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 01, 2024

FinTech Focus: Catch latest developments of the week

Read More

March 01, 2024

KYND launches cyber risk management services for insurers

Read More

February 28, 2024

Owlin launches AI-based Due Diligence solution for banks

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023