Trust Stamp ® Announces that Forty-Five customers started or completed integration with the Company’s Orchestration Layer by the end of 2023

Rhea-AI Summary

Trust Stamp (Nasdaq: IDAI) reports that the number of customers using or implementing its Privacy-first, AI-Powered biometric technology via the Orchestration Layer has grown to 45 by the end of 2023. The company's President, Andrew Gowasack, expressed satisfaction with the progress made in 2023 and outlined plans for further growth and support for existing customers in the coming year.

Insights

Market Research Analyst

The recent update from Trust Stamp indicates a doubling of its customer base over the course of a year, which is a significant growth metric for the company and its stakeholders. This growth demonstrates the market's increasing acceptance of privacy-first, AI-powered biometric technologies. The expansion into various sectors, beyond the primary focus on U.S. financial institutions, suggests a diversification of the company's client portfolio, which can mitigate sector-specific risks and contribute to revenue stability.

Given the global push for enhanced security and privacy, particularly in digital transactions, Trust Stamp's orchestration layer appears to be well-positioned to capitalize on these trends. The adoption rate could potentially serve as a leading indicator for future revenue growth, assuming a successful conversion from implementation to sustained use. Investors will likely monitor the company's ability to retain these customers and convert new interest into long-term contracts.

Financial Analyst

The doubling of Trust Stamp's user base for its Orchestration Layer within a year is a promising sign for investors, as it may translate into higher future revenue streams and possibly improved profitability. This performance needs to be compared against the company's cost of customer acquisition and the lifetime value of each customer to assess the sustainability of their growth strategy. Furthermore, the scalability of the Orchestration Layer will be crucial in maintaining margins as the customer base grows.

Investors should also consider the competitive landscape of AI-powered biometric technology, taking into account the speed of innovation and the potential for new entrants to disrupt market dynamics. Trust Stamp's focus on privacy-first solutions could provide a competitive edge, especially in light of increasing regulatory scrutiny around data privacy.

Cybersecurity Expert

The adoption of Trust Stamp's AI-Powered biometric technology speaks to the broader industry trend towards enhancing digital identity verification while prioritizing user privacy. Biometric technologies are increasingly becoming central to cybersecurity strategies as they offer a more secure and user-friendly alternative to traditional authentication methods. Trust Stamp's emphasis on a privacy-first approach is particularly relevant given the current regulatory environment, which is increasingly focused on personal data protection.

However, the deployment of such technologies also raises questions about the robustness of the AI algorithms against evolving security threats and the company's ability to adapt to new forms of cyberattacks. Trust Stamp's success will hinge on its ability to maintain the integrity and security of its biometric data, which is critical for user trust and long-term viability in the market.

A total of Forty-Five customers were using or implementing Trust Stamp’s Privacy-first, AI-Powered biometric technology via The Company’s Orchestration Layer by the end of 2023

ATLANTA, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company^TM, today provides an update regarding the adoption of its low-code Orchestration Platform, which streamlines delivery and implementation of the Company’s proven AI-Powered technologies.

Since Trust Stamp’s announcement in January 2023 that 22 customers were at various stages of implementing its Orchestration Layer, an additional 23 customers commenced or completed the process of implementing the Orchestration Layer bringing the year-end user base to 45 customers.

Andrew Gowasack, President of Trust Stamp, commented, “We are pleased with the significant progress made in 2023 and we intend to build on that success over the coming year both by seeking additional growth in the user base and by supporting our existing customers with their integration and deployment. Although our primary marketing focus is on US financial institutions, the design of the Orchestration Layer allows for its implementation in many other sectors, both in the United States and overseas, and we are working actively on a number of domestic and international opportunities."

Inquiries

Trust Stamp                                                   Email: Shareholders@truststamp.ai

Andrew Gowasack, President                       

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). The company was founded in 2016 by Gareth Genner and Andrew Gowasack.

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 customers are using or implementing Trust Stamp's technology?

Trust Stamp reports that 45 customers are using or implementing its Privacy-first, AI-Powered biometric technology via the Orchestration Layer by the end of 2023.

What is Trust Stamp's ticker symbol?

Trust Stamp's ticker symbol is IDAI.

Who is the President of Trust Stamp?

Andrew Gowasack is the President of Trust Stamp.

What is Trust Stamp's primary marketing focus?

Trust Stamp's primary marketing focus is on US financial institutions, but the Orchestration Layer can be implemented in many other sectors, both in the United States and overseas.

How many customers were at various stages of implementing Trust Stamp's Orchestration Layer in January 2023?

Trust Stamp announced in January 2023 that 22 customers were at various stages of implementing its Orchestration Layer.

How many additional customers commenced or completed the process of implementing the Orchestration Layer in 2023?

An additional 23 customers commenced or completed the process of implementing the Orchestration Layer in 2023, bringing the year-end user base to 45 customers.