Trust Stamp announces the 50th Financial Institution to onboard to its low-code Orchestration Layer platform via its Channel Partnership

Rhea-AI Summary

Trust Stamp (Nasdaq: IDAI) announces the onboarding of the 50th Financial Institution to its Orchestration Layer platform, reaching a total of 54 institutions. The company's focus on US-based banks through partnerships has led to tailored product offerings for the community banking sector. Anticipated onboarding of community bank customers in Q2 of this year.

Insights

Market Research Analyst

The integration of Trust Stamp's Orchestration Layer platform into a significant number of financial institutions, particularly through a channel partnership, signals a robust expansion strategy. The partnership with FIS and engagement with the ThinkTech program indicates a deliberate move to penetrate the community banking sector, which is traditionally underserved by advanced technological solutions. The potential increase in market share and diversification of the client base could positively affect Trust Stamp's revenue streams and sustainability, especially as community banks look to enhance their digital capabilities in a competitive financial landscape.

Moreover, the low-code aspect of the platform suggests ease of integration and adaptability, which are critical factors for technology adoption in institutions where resources for IT development might be limited. This could lead to an increase in customer satisfaction and retention rates, as financial institutions seek reliable and efficient technology partners to navigate the increasing demands for data privacy and security.

Financial Analyst

The announcement of a five-fold increase in financial institutions adopting Trust Stamp's technology could have a tangible impact on the company's financial health. Investors should monitor the company's forthcoming financial statements for indicators of revenue growth and expansion costs. The onboarding of additional financial institutions, including community banks, may result in an upsurge in market confidence, potentially influencing Trust Stamp's stock price. However, investors should also consider the costs associated with customer acquisition and product tailoring for the community banking sector. Long-term benefits hinge on the company's ability to maintain these relationships and continuously innovate to meet the evolving needs of its clientele.

Cybersecurity Expert

Trust Stamp's emphasis on privacy-first solutions is a timely response to the increasing concerns over data security and privacy regulations in the financial sector. The Orchestration Layer platform's adoption by multiple institutions underscores the demand for robust cybersecurity measures in the banking industry. As financial institutions face the dual challenges of protecting client data and complying with stringent regulations, Trust Stamp's platform could become a pivotal tool in mitigating these risks. The company's proactive approach in customizing their offerings for community banks demonstrates an understanding of the unique cybersecurity challenges faced by smaller institutions, potentially setting a new standard for data protection in the financial services industry.

Atlanta, Georgia, March 27, 2024 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company^TM Trust Stamp announces the 50th Financial Institution to onboard to its low-code Orchestration Layer platform via its channel partnership bringing the total number of financial institutions onboarded to 54.

Trust Stamp President Andrew Gowasack commented, “In providing our business review for 2023 we announced a five-fold increase in the number of financial institutions onboarded to our Orchestration Layer platform, and I am now delighted to announce the 50th Financial Institution onboarded through our channel partnership, bringing us to a total of 54 onboarded institutions.

Our 2023 focus on US-based banks via our channel partnership with FIS has now been augmented by our participation in the acclaimed ThinkTech program operated by The Independent Community Bankers of America and that engagement has already resulted in our tailoring some of our product offerings for the community banking sector, and we anticipate onboarding community bank customers as soon as Q2 of this year.”
           

Enquiries:

Trust Stamp                                                  

Andrew Gowasack, President:           agowasack@truststamp.ai

Investors:                                       shareholders@truststamp.ai

About Trust Stamp

Trust Stamp the Privacy-First Identity Company^TM, 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 organizations with advanced 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 across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI).

Safe Harbor Statement: Caution Concerning Forward-Looking Remarks 

All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.

FAQ

How many financial institutions have Trust Stamp onboarded to its Orchestration Layer platform?

Trust Stamp has onboarded 54 financial institutions to its Orchestration Layer platform, with the 50th institution being recently announced.

What is Trust Stamp's ticker symbol on Nasdaq?

Trust Stamp's ticker symbol on Nasdaq is IDAI.

What was the focus of Trust Stamp in 2023 regarding US-based banks?

Trust Stamp focused on US-based banks in 2023 through partnerships, particularly with FIS and the ThinkTech program operated by The Independent Community Bankers of America.

What program has Trust Stamp participated in with The Independent Community Bankers of America?

Trust Stamp has participated in the acclaimed ThinkTech program operated by The Independent Community Bankers of America, resulting in tailored product offerings for the community banking sector.

When is Trust Stamp anticipating onboarding community bank customers?

Trust Stamp anticipates onboarding community bank customers as soon as Q2 of this year.