FinTecSystems offers first age verification based on Open Banking

Munich, 2024-09-21  FinTecSystems, the leading Open Banking Infrastructure FinTech, launches the first age verification process entirely based on Open Banking with the FTS Age of Majority Check. With the Age of Majority Check, companies receive information about the legal age of their customers and can thus grant access to content and offers that are subject to an age restriction. In contrast to traditional providers of such verification procedures, there is no need to resort to external databases or service providers. FTS thus offers absolutely reliable verification, tested by the Commission for the Protection of Minors in the Media, solely through the analysis of bank account information.

“We see an incredible need for fast and reliable age verification that is as customer-friendly as possible. In addition, since companies operating in areas that require age verification perform such checks hundreds to thousands of times a day, a cost-effective process that does not involve other providers is invaluable. This is what we offer with the Age of Majority Check, which we consider to be the first age verification based on Open Banking”, says Hannes Rogall, COO of FinTecSystems.

In addition, the Age of Majority Check can be combined with FTS’s white-label payment product or its own payment brand OnlineÜberweisen to offer payment and age verification in one step. Users pay in the familiar way by online bank transfer, while in parallel and in real time the analytics engine checks the bank account used for legal age characteristics. In this way, it is already identified in the transfer process whether the user is under 18 and the payment is only carried out if proof of the age of majority is successfully provided. This combination is also a novelty.

About FinTecSystems

FTS is a B2B Fintech, founded in 2014 and licensed by BaFin as a payment initiation and account information service since 01 March 2019. FTS is specialized in open banking infrastructure and data analysis. With our digital infrastructure and leading machine learning technology, we prepare account data in a way that enables companies to make better, data-driven and automated decisions. We are the market leader in the DACH region in open banking with access to over 6000 banks. More than 150 companies place their trust in us, including banks such as Santander, DKB and N26 as well as all national comparison platforms. For example, our products accelerate loan commitments, we minimize payment default risks and we categorize revenue data for our customers in real time so that it is meaningful.