Trust Stamp and DirectID to boost user experience with secure open banking tools

By Megha Bhattacharya

Trust Stamp and UK-based Cheltenham have announced a partnership with open banking solutions provider, DirectID. The companies aim to launch a robust bank and document authentication solution backed by secure facial biometric matching.

Trust Stamp’s facial biometric and document authentication combined with DirectID’s services is expected to tackle 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.

“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,” said Emma Lindley, Chief Commercial Officer of Trust Stamp.

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.

DirectID assesses bank statement information, affordability and income, allowing our customers to make more informed decisions, faster. This lowers operational costs and enhances customer experience. The platform connects to 13,000+ banks globally, and is a 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.

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.”