Trust Stamp Partners with Simunix to Provide Biometric Identification Technology to the UK Market

Rhea-AI Summary

Trust Stamp (Nasdaq: IDAI) has partnered with Simunix to enhance age verification and identity services through privacy-first biometric technology. This collaboration integrates Trust Stamp's advanced biometric and OCR solutions into Simunix's existing offerings, expanding the capabilities of their verification products. The biometric system market is projected to grow from $36.6 billion in 2020 to $68.6 billion by 2025, highlighting the increasing demand for identity solutions across various sectors. Trust Stamp aims to address the rising challenges of identity theft, while Simunix enhances its service offerings for its customers.

Positive

• Strategic partnership with Simunix to enhance identity verification services.
• Integration of biometric and OCR solutions to improve verification accuracy.
• Growing biometric market presents significant business opportunities.

Negative

• None.

Trust Stamp’s privacy-first biometric technology simplifies and secures the age verification process for the private and public sectors

Atlanta, GA, Jan. 13, 2023 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company^TM providing AI-powered trust and identity services used globally across multiple sectors, announces a partnership with Simunix, a leading identity data provider serving businesses and public sector organizations of all sizes.

Trust Stamp’s privacy-first identity technology has been added to Simunix's Age Verify and T2A people and address verification offerings. This partnership will provide Simunix customers access to Trust Stamp's biometric and optical character recognition (OCR) solutions.

The global biometric system market size is projected to grow from $36.6 billion in 2020 to $68.6 billion by 2025, as demand for solutions is increasing in public and private sector industries such as banking and financial services, cryptocurrencies, travel and hospitality. The addition of Trust Stamp's innovative, privacy-first approach enables Simunix users to efficiently verify the customers’ identity.

“With so much stolen identity data readily available to criminals, establishing users’ identity is increasingly challenging," said Andrew Gowasack, President and Co-founder of Trust Stamp. "Simunix is a well-respected provider of data and people solutions, and we are excited to partner with them to bring this unique biometric authentication capability to their customers.”

“We are pleased to partner with Trust Stamp for our age and identity verification products. The addition of their OCR and biometric technology to our existing data solution will result in a more robust verification service offering for our customers,” said Colin Frith, Head of Business Development for Simunix.

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 in nine countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI). The company was founded in 2016 by Gareth Genner and Andrew Gowasack.

About Simunix

Simunix is a worldwide provider of software solutions, making UK people, business, and address data available for search and analysis. They have a number of services used by many business sectors including finance, logistics, and legal, in addition to public sector organizations ranging from police forces to local authorities.

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. 

Enquiries:

Trust Stamp                                                    Email: Shareholders@truststamp.ai

Andrew Gowasack, President              

Amy Kneale, Account Manager

Simunix                                                          Email: cmf@simunix.com

Colin Frith, Head of Business Development

FAQ

What is the significance of Trust Stamp's partnership with Simunix for IDAI?

The partnership enhances Trust Stamp's biometric and OCR capabilities within Simunix's identity verification services, catering to increasing market demands.

How will Trust Stamp's technology impact the age verification market?

Trust Stamp's privacy-first biometric technology is expected to improve efficiency and security in age verification processes for various sectors.

What is the market outlook for biometric systems related to Trust Stamp?

The biometric system market is projected to grow from $36.6 billion in 2020 to $68.6 billion by 2025, indicating robust demand for identity verification solutions.