T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), doing business as Trust Stamp, has announced a strategic partnership with Neural Payments, a company offering real-time peer-to-peer (P2P) payment solutions to banks and credit unions.
The collaboration aims to combat rising fraud risks in the rapidly growing P2P payment market, now valued at $3.2 trillion.
The integration of Trust Stamp’s low-code Orchestration Platform into Neural Payments’ ecosystem brings advanced identity verification tools, including selfie-based reauthentication and Know Your Customer (KYC) processes, directly into the payment flow. The initiative addresses a growing security concern, as roughly 8% of banking customers have reported falling victim to P2P scams in the past year.
“Neural Payments has taken a proactive approach by enabling users to enroll using their face and government ID document, then to approve future payments with a selfie,” Trust Stamp president Andrew Gowasack said.
“Rather than storing sensitive biometric information, selfies are converted into Irreversibly Transformed Identity Tokens (IT2) which can be compared to future IT2. There is no need for callbacks, insecure one-time passcodes sent via SMS or email, or authenticator apps. Approving a payment is as easy as taking a selfie!”
Neural Payments CEO Mick Oppy added that fraud has become a top concern for financial institutions that requires real-time and preemptive action.
“By integrating Trust Stamp’s cutting-edge identity verification directly into the payment flow, we’re equipping financial institutions with the tools to reduce fraud, streamline authentication, and keep their customers’ money and trust exactly where it belongs,” Oppy said.
“With Trust Stamp, we're signaling our commitment to both our customers and our 2025 growth aspirations as we push towards becoming the FinTech of choice for P2P payments.”