Trust Stamp and DirectID empower consumers and organisations through secure, trusted open banking tools

DirectID partner with Trust Stamp to offer customers unrivalled service using Open Banking solutions and biometrics.
Published on
November 10, 2020
Author
Category
Latest News

T Stamp Inc. trading as Trust Stamp, an AI-powered authentication company dual headquartered in Atlanta (US) and Cheltenham (UK), announces a partnership with DirectID, an open banking solutions provider that enables organisations to increase operational efficiency and overcome challenges presented by risk, compliance and fraud through unified APIs. Together they launch a robust bank and document authentication solution backed by secure facial biometric matching.

Trust Stamp’s facial biometric and document authentication solutions use advanced artificial intelligence algorithms to enhance risk management and data protection measures at the intersection of user experience, security and trust. In combining their technology with DirectID’s solutions that leverage trusted data from bank and other secure accounts, the two aim to empower users to access financial tools that may be otherwise inaccessible for those with thin credit histories. Likewise, by integrating a layer of privacy that maintains the utility of identity data while protecting information security, Trust Stamp amplifies what consumers are able to use their identity to access.

Independently, Trust Stamp and DirectID’s solutions share common metrics of impact for their business customers. Both companies streamline account application processes, resulting in measurably higher conversion rates and customer satisfaction. While Trust Stamp’s customers see a reduction in fraud-related losses after implementing the company’s proven biometric and document authentication technologies with advanced anti-spoofing and data-protection techniques, DirectID tackles third party fraud through real-time financial data reporting and analytics. This gives companies the ability to make better informed risk assessments by verifying sources of income, salary and identity.

Emma Lindley, Chief Commercial Officer of Trust Stamp, said:

With open banking changing the relationship between consumers and traditional banks to give users the power to leverage their own financial data to access greater choice in services, trust and assurance around data privacy and security are at the forefront of consumers’ and businesses’ minds. 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.

James Varga, CEO of DirectID added:

The ability to utilise bank data to verify income, identity, bank accounts and more has changed the way that banks and consumers consider data. Since the introduction of open banking, DirectID has taken great strides and today operates in more than 50 countries with over 13,000 banking connections. We’re delighted to be working closely with Trust Stamp in order to give customers the most comprehensive service on the market – utilising open banking APIs while also focusing on privacy.

About Trust Stamp

Trust Stamp is an artificial intelligence company focused on providing identity solutions at the intersection of biometrics, privacy, and cybersecurity. The company applies advanced cryptographic techniques, deep neural networks and proprietary AI powered tools to biometric and other identity data to create an Irreversibly Transformed Identity Token, (IT)2 that can be matched, deduplicated and verified while protecting sensitive identity information. Trust Stamp is currently participating in the DIFC Fintech Hive programme and LORCA Cyber Accelerator, and is a graduate of multiple global programs including QCFintech, 630 Cybersecurity, Plug and Play (Silicon Valley and UAE), NAR REach, Mastercard Startpath, the Georgia Advanced Technology Development Center, the OnRamp Insurance Accelerator, the FIS Fintech Accelerator, the UK’s GCHQ/NCSC incubator and the Netherlands based Blue Tulip Awards program (first place winner in the finance category).

About DirectID

DirectID build products on bank data, which helps firms onboard their customers quickly, and gain a fuller understanding of them. DirectID’s suite of products assess bank statement information, affordability and income, allowing our customers to make more informed decisions, faster. This lowers operational costs and enhances customer experience.

Our B2B product, DirectID Insights, helps businesses overcome challenges such as risk, compliance and fraud. It offers a real-time and comprehensive guide to their financial lives, providing solutions such as Income Verification.

The platform connects to 13,000+ banks globally, and is a leading supplier of Open Banking services in the UK. The business is authorised by the FCA to provide AISP (Account Information Service Provider) services to the UK market.

Get detailed insights into your customer's financial behaviours

Discover how the simplified DirectID process can cut the normal application time from 7 days down to 1 hour and provide you with enriched data insights about your customers to enable you to make smart credit and risk decisions.

Latest posts

Showing 0 results

Advanced credit & risk insights

Affordability

Assess how much your customer can afford to repay. Use enriched data to identify income, and fixed vs flexibile spend.

Affordability

Assess how much your customer can afford to repay. Use enriched data to identify income, and fixed vs flexibile spend.

Income verification

Verify your customer's income across all income streams, whether it's salaried wages, freelance earnings or benefits.

Categorisation & classification

Cut through the noise of a bank statement and understand how and where your customers spend their money.

Emerging financial distress

Identify emerging financial distress to enable early intervention before your customer defaults.

SME financial health

See the balance trend of an SME’s accounts with a view on income, stability and fluctuations. View the money a business earns, spends and saves on a regular basis.

What our customers say

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Global vehicle manufacturer

Automotive financing

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Shieldpay

Multi-award winning payment platform. Designed for highly secure & efficient transactions. Trusted by over 100 law firms, lenders and professional services.

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Target Group

A Tech Mahindra company and a leading business services provider in lending, investments and insurance, managing over £25bn+ assets.

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Best Egg

Consumer-lending platform developed by Marlette Holdings, Inc.

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Dana

A lending as a service provider using open banking to strengthen their credit scoring engine

Get started using open banking data

Talk with one of our specialists to find out more about using open banking data.

  • Demo of the guided customer consent journey

  • Walk through of our real-time data & insights

  • Coverage check in your markets

Frequently asked questions

Schedule a call
01

What is open banking and how does it work?

Open banking is the practice that allows people and businesses to share up to 12 months of transaction data. DirectID is regulated by the Financial Conduct Authority as an Account Information Service Provider (AISP) - the intermediary who safely facilitate this process.

02

What is transaction categorisation?

Transaction categorisation is the process of adding context to raw transaction data. The process gives you an understanding of what your customers' spend their money  and where.

03

How does bank account verification work?

Using the bank account verification API, DirectID matches the details provided from your customer to those on their account. We apply a set of sophisticated algorithms and rules to verify the name, and then tell you what does and does not match.

04

How do you verify income with open banking?

After a customer shares their data, DirectID identify recurring credits to the account and group these. Using an algorithm we identify the monthly income for each income stream. We then return the calculated income and confidence score to you.

Speak with one of our specialists