T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), doing business as Trust Stamp, provided an update regarding the adoption of its low-code Orchestration Platform, which streamlines delivery and implementation of the company’s proven, privacy-first biometric technologies.
The provider of AI-powered identity services said since its previous announcement in January, an additional seven institutions, including the US arm of a global institution with over 1,500 branches and assets in excess of $1.5 trillion, have begun the process of implementing the Orchestration Layer, which represents a 31% increase in its financial services customer base during the past six months.
"We are encouraged by the growing demand for our privacy-first technology from enterprises of all sizes across the banking industry," Trust Stamp president Andrew Gowasack said in a statement.
"The regulatory environment governing the banking and biometric sectors continues to evolve, and these prudent financial institutions understand the importance of improving customer privacy and security in parallel to combating fraud and complying with their due diligence obligations," he added.
Gowasack also noted that with the strategic pivot to focusing on SaaS product delivery, Trust Stamp is currently targeting a total of 45 to 50 financial institutions onboarded by the end of 2023 with significant long-term usage revenue starting in 2024.
Trust Stamp is a global provider of AI-powered identity services for use in multiple sectors including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services.
The company’s technology empowers organizations with advanced biometric identity solutions that reduce fraud and protect personal data privacy.
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