Cheltenham, United Kingdom, Nov. 09, 2020 (GLOBE NEWSWIRE) -- T Stamp Inc. trading as Trust Stamp, an AI-powered authentication company dual headquartered in Atlanta (US) and Cheltenham (UK), announces a partnership with DirectID, an open banking solutions provider that enables organisations to increase operational efficiency and overcome challenges presented by risk, compliance and fraud through unified APIs. Together they launch a robust bank and document authentication solution backed by secure facial biometric matching.

Trust Stamp’s facial biometric and document authentication solutions use advanced artificial intelligence algorithms to enhance risk management and data protection measures at the intersection of user experience, security and trust. In combining their technology with DirectID’s solutions that leverage trusted data from bank and other secure accounts, the two aim to empower users to access financial tools that may be otherwise inaccessible for those with thin credit histories. Likewise, by integrating a layer of privacy that maintains the utility of identity data while protecting information security, Trust Stamp amplifies what consumers are able to use their identity to access.

Independently, Trust Stamp and DirectID’s solutions share common metrics of impact for their business customers. Both companies streamline account application processes, resulting in measurably higher conversion rates and customer satisfaction. While Trust Stamp’s customers see a reduction in fraud-related losses after implementing the company’s proven biometric and document authentication technologies with advanced anti-spoofing and data-protection techniques, DirectID tackles third party fraud through real-time financial data reporting and analytics. This gives companies the ability to make better informed risk assessments by verifying sources of income, salary and identity.

With open banking changing the relationship between consumers and traditional banks to give users the power to leverage their own financial data to access greater choice in services, trust and assurance around data privacy and security are at the forefront of consumers’ and businesses’ minds. Trust Stamp’s privacy-focused identity solutions together with the consent-driven, unified data APIs of DirectID provide a solution that balances the needs of organisations and individuals in a financially inclusive banking ecosystem,” says Emma Lindley, Chief Commercial Officer of Trust Stamp.

James Varga, CEO of DirectID added: “The ability to utilise bank data to verify income, identity, bank accounts and more has changed the way that banks and consumers consider data. Since the introduction of open banking, DirectID has taken great strides and today operates in more than 50 countries with over 13,000 banking connections. We’re delighted to be working closely with Trust Stamp in order to give customers the most comprehensive service on the market – utilising open banking APIs while also focusing on privacy."

About Trust Stamp

Trust Stamp is an artificial intelligence company focused on providing identity solutions at the intersection of biometrics, privacy, and cybersecurity. The company applies advanced cryptographic techniques, deep neural networks and proprietary AI powered tools to biometric and other identity data to create an Irreversibly Transformed Identity Token, (IT)2 that can be matched, deduplicated and verified while protecting sensitive identity information. Trust Stamp is currently participating in the DIFC Fintech Hive programme and LORCA Cyber Accelerator, and is a graduate of multiple global programs including QCFintech, 630 Cybersecurity, Plug and Play (Silicon Valley and UAE), NAR REach, Mastercard Startpath, the Georgia Advanced Technology Development Center, the OnRamp Insurance Accelerator, the FIS Fintech Accelerator, the UK’s GCHQ/NCSC incubator and the Netherlands based Blue Tulip Awards program (first place winner in the finance category).

About DirectID

DirectID build products on bank data, which helps firms onboard their customers quickly, and gain a fuller understanding of them. DirectID’s suite of products assess bank statement information, affordability and income, allowing our customers to make more informed decisions, faster. This lowers operational costs and enhances customer experience.

Our B2B product, DirectID Insights, helps businesses overcome challenges such as risk, compliance and fraud. It offers a real-time and comprehensive guide to their financial lives, providing solutions such as Income Verification.

The platform connects to 13,000+ banks globally, and is a leading supplier of Open Banking services in the UK. The business is authorised by the FCA to provide AISP (Account Information Service Provider) services to the UK market.


CONTACT: Trust Stamp Media Contact:
Nisha Naik, Marketing Director 
nnaik@truststamp.ai

©Copyright 2024 Trust Stamp. Various aspects of Trust Stamp are protected by Patent, Trademark and Copyright.
Privacy Policy | California Residents CCPA Request
Copyright © 2024 Trust Stamp.
All rights reserved.    
Privacy Policy | California Residents CCPA Request
Investor Relations Website By VendorGroup