Trust Stamp, an AI-powered authentication platform, has received a strategic investment from Mastercard.
The value of the investment was not disclosed.
Mastercard and Trust Stamp first began a collaboration in 2019 with a secure non-PII authentication network for both online and offline environments.
Trust Stamp uses cryptographic technics and AI-powered presentation-attack detection tools for biometric and identity data. The platform provides consumers with a tokenized identity which store the holder’s identity and can be used to verify the person.
Its technology is used in banking and FinTechs to accelerate onboarding processes and to reduce the number of fraudsters accessing accounts.
Trust Stamp CEO Gareth Genner said, “Our initial work with Mastercard has been focused upon enhancing privacy and data security in environments with low connectivity, and we have been impressed by the breadth and depth of Mastercard’s commitment to that space.
“The programs currently being developed have the potential to improve the lives of communities around the world and we are proud to be a key component of the underlying technology.”
Last year, Mastercard held the initial tests for a new digital identification service. The trial is taking place in Australia and will enable consumers to use the identity solution to access services.
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