T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), doing business as Trust Stamp, has announced the launch of a new banking and other high-value and high-risk transaction-focused product leveraging its artificial intelligence (AI)-powered identity authentication technology.
The company said it would launch the product through a pilot bank partner early in the second quarter of 2024.
It expects to follow this up with a rollout for general use by the end of the quarter.
“The recent increase in deep-fake attacks has exposed fundamental weaknesses in many legacy systems, requiring additional assurance for high-value and high-risk transactions such as wire transfers,” Trust Stamp president Gareth N. Genner said in a statement.
“Trusted authentication ensures the identity and live presence of an authorizing party and can be integrated into or used in parallel to existing approval systems.”
Shares of Trust Stamp moved higher on the news, adding 15% at about US$1.20.
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.