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Press release content from Accesswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Accesswire
Press release content from Accesswire. The AP news staff was not involved in its creation.

T Stamp Inc – Identity & Trust Verification Tool Patent Granted

March 26, 2021 GMT

Trust Stamp Granted Patent for Identity and Trust Verification Tool

ATLANTA, GA / ACCESSWIRE / March 26, 2021 / Trust Stamp (OTCQX:IDAI) (Euronext Growth: AIID ID), a global provider of AI-powered identity services for use across multiple sectors, today announces that the U.S. Patent and Trademark Office (USPTO) has granted Trust Stamp the patent (No. US20170134366A1 ) for the Trust ScoreTM system developed in 2015 by the company’s founders. Trust Score’s innovative approach to establishing trust leverages a robust, multifactorial framework for analysing risk, helping to address verification issues to the “unbanked”. This announcement marks Trust Stamp’s second issued patent alongside 12 additional patent filings.

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In a rapidly evolving global compliance landscape, thorough customer risk assessment procedures are integral to organisational security. Traditional methods for determining authenticity and assessing risk, including background checks and credit searches formulate a narrow view of trust and can be intrusive, expensive, susceptible to fraud, and perpetuate financial exclusion.

Trust Score combines Trust Stamp’s advanced identity verification technology with algorithmic processing of multifaceted, low-risk data to provide a secure, comprehensive, and inclusive method for establishing trust. The solution works by analysing similarities or discrepancies between low-risk data from multiple potential sources, including social media, e-commerce, and employment history, while weighting individual factors based on quantity, longevity, relevance, or accuracy to suit risk-tolerance requirements.

Layered with Trust Stamp’s proven digital identity solutions, including biometric verification, document validation, and secure data-protection methodologies that are designed to promote inclusion in low-resource, low-connectivity environments around the world, Trust Score allows organisations to pass more genuine individuals through risk and compliance processes, providing an entry point to participate in the digital-first future of transaction for individuals that are not equitably served because of thin or no credit history, or a lack of verifiable documentation.

Gareth Genner, CEO and Co-Founder of Trust Stamp commented: “A massive population of people around the world are unable to access financial services simply because the systems that are meant to determine suitability rely on data that not everyone has or is willing to share.

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Alongside our work to provide secure, privacy-protected identity solutions for the billions of globally undocumented people, we recognise the permeating effects of financial exclusion in even the most developed and thriving economies.

Trust Score empowers organisations to quickly and securely establish trust with a broader population of underserved individuals while limiting the use of sensitive identifiers like Social Security Numbers, effectively mitigating risk for both the organisation and individual at the onset of a business relationship, that for many may break the barrier to achieving societal and financial inclusion.”

Enquiries

Trust Stamp Tel: +356 27112981

Gareth Genner, Chief Executive Officer

Nisha Naik, Executive VP of Communications

Davy (Euronext Growth Advisor) Tel: +353 1 679 6363

Fergal Meegan / Barry Murphy

Powerscourt (Financial Public Relations) Tel: +353 87 236 5973

Eavan Gannon Email: Truststamp@powerscourt-group.com

About Trust Stamp

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. Its technology empowers organisations with biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.

Located in six countries across North America, Europe and Asia, Trust Stamp trades on the OTCQX Best Market ( OTCQX: IDAI ) and is listed on Euronext Growth in Dublin (Euronext Growth: AIID ID). Founded in 2016 by Gareth Genner and Andrew Gowasack, the company now employs over 60 people with flagship customers including Mastercard International and FIS.

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SOURCE: T Stamp Inc

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