Trust Stamp leveraging IP portfolio to expand implementation scope

Atlanta, Georgia-based Trust Stamp has revealed new deals with clients in the automotive industry and fintech for digital identity verification and tokenization, respectively, as a growing portfolio of intellectual property supports an expansion of the company’s offerings and target markets.

The NASDAQ-listed company announced it will supply its digital identity fraud detection to Botdoc, a platform that provides digital transfers for auto dealerships across the United States.

Botdoc plans to integrate Trust Stamp’s low-code Orchestration Platform for identity verification and know-your-customer (KYC) to prevent counterfeit or altered driver’s licenses, driving permits and ID cards. Documents will be verified through the Driver License Data Verification (DLDV) System offered by the American Association of Motor Vehicle Administrators (AAMVA).

Trust Stamp has also entered into a Letter of Intent with Texas-based fintech company Qenta for a strategic alliance to serve a global federated network that includes cryptocurrency, banking and other financial services companies. The Letter of Intent is non-binding.

“Qenta’s interlocking products and services, including the QOS blockchain, bridge the gap between legacy financial rails and the new, digital and tokenized economy and will be further enhanced by Trust Stamp’s proprietary technology providing secure, tokenized identity services ensuring both compliance and privacy,” Trust Stamp’s CEO Gareth N. Genner says in a release.

Patents parallel SaaS shift

Genner also noted that twenty of the company’s patents are related to the tokenization of identity and data with nine more pending. The company has been making a push to diversify its patent portfolio. This month, the company filed its 37th patent covering innovations in Zero Knowledge Proof technology.

Among the filed patents is an AI tool that counters deepfake injection attacks and a method for improving the performance of biometric age estimation algorithms, paving the way toward the booming market for AI-based age estimation software. Other patents include multi-factor authentication, face biometric technologies, validating the ownership of cryptographic assets and a tamper-resistant identity bracelet for electronic monitoring of individuals released from prison. Twenty-two of its patents have already been issued.

Their use cases cover not only banking but also payments, insurance, blockchain, public safety, healthcare, social media, secure messaging, data management, IoT devices and automotive dealerships, according to the firm.

“Our initial use cases revolved around serving our financial services clients with custom identity authentication and fraud detection tools. But in parallel to the growth in our intellectual property portfolio, we moved in 2023 to focus on a SaaS delivery model,” says Trust Stamp’s Chief Technology Officer Scott Francis.

The SaaS Orchestration Layer has allowed significant growth in the company customer base, from two long-term customers at the end of 2022 to over 70 customers today, he added.

In June, Trust Stamp announced the launch of its Identity Hub software platform on the NayaOne Tech marketplace, providing customers in the financial services industry with biometric authentication, identity verification, KYC, synthetic identity fraud detection and enhanced data privacy and protection.

Article Topics

biometrics  |  digital identity  |  document verification  |  identity orchestration  |  identity verification  |  KYC  |  patents  |  Trust Stamp