Trust Stamp is teaming up with DirectID to create a better onboarding solution for financial institutions. The platform will combine Trust Stamp’s face and document recognition technology with data and risk analytic tech from DirectID.
To that end, Trust Stamp’s technology will allow banks to verify the authenticity of identity documents during the onboarding process, and make sure that those documents belong to the person opening the account. DirectID, meanwhile, will allow banks to make sense of that person’s bank statements and other financial information to manage risk and make more informed decisions with regards to their customers.
The two companies are hoping that the joint solution will streamline the onboarding process. They are also hoping that it will increase financial inclusion, insofar as it will give banks a higher level of identity assurance, which will in turn make it easier for banks to provide services to people with poor credit histories who might have been denied in the past.
“The ability to utilise bank data to verify income, identity, bank accounts and more has changed the way that banks and consumers consider data,” said DirectID CEO James Varga.
“Open banking [gives] users the power to leverage their own financial data to access services,” added Trust Stamp CCO Emma Lindley. “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.”
The news comes shortly after Trust Stamp provided facial recognition technology for OneBanks kiosks that will be used to bring secure financial services to remote areas without a physical branch location. The company recently brought in $6.5 million in a Series A crowdfunding campaign, and joined both the OnRamp Insurance Accelerator and the FinTech Hive Accelerator Programme at the Dubai International Financial Centre (DIFC).
November 9, 2020 – by Eric Weiss