Trust Stamp has teamed up with OneBanks in an effort to make banking services more accessible to people in remote areas. OneBanks is a developer of banking kiosks that can be installed in locations that do not have a physical branch.
The kiosks themselves are bank-agnostic, and are designed to be compatible with virtually any financial institution. In plain terms, that means that one kiosk can provide service for a sizeable area because anyone can use the kiosk regardless of their banking affiliation.
The challenge is to make sure that the setup is secure, and that’s where Trust Stamp comes into play. The company’s face-based authentication and identity token technology will be used to verify the identities of those utilizing the kiosk, and to make sure that the system is compliant with the latest privacy and anti-fraud regulations. OneBanks also uses its own APIs to assess risk, based on the assessment systems of other banks.
Trust Stamp and OneBanks are hoping that the joint solution will raise financial inclusion, especially for vulnerable populations who do not have ready access to digital banking services. The two companies noted that many of those people have struggled during COVID-19, since the pandemic has discouraged the use of cash and led to the closure of physical branches.
“To successfully drive a digital-first future that fosters equitable financial access, FinTech companies and traditional banks need to work together to address the needs of all existing and potential users, regardless of their individual footholds in the evolving digital transformation,” said Trust Stamp CCO Emma Lindley. “Advanced banking tools that prioritise trust, security and privacy depend on accessibility to create a lasting impact in the future of finance.”
OneBanks is in the process of launching services in the UK, where Trust Stamp has a Cheltenham headquarters. Trust Stamp recently brought in $6.5 million in a Series A crowdfunding campaign, and plans to use the funds to boost financial inclusion with authentication tech that does not rely on personal information. The company has also joined the OnRamp Insurance Accelerator and the DIFC FinTech Hive Accelerator in the Middle East.
October 7, 2020 – by Eric Weiss