Trust Stamp Inc (NASDAQ:IDAI, ISE:AIID) is expanding its partnership with ID Dataweb, extending the identity verification firm's use of Trust Stamp's biometric tokenization and identity fraud mitigation technology across its enterprise customer base.
The expansion builds on three years of joint work serving one of the three largest life insurance providers in the United States, Trust Stamp said.
ID Dataweb, a provider of identity threat detection and risk mitigation services, will now use Trust Stamp's technology more broadly across its growing roster of enterprise clients.
Trust Stamp's patented Irreversibly Transformed Identity Token (IT2) technology converts biometric data into tokens that can be revoked, a design meant to reduce the risks of storing raw biometric data while enabling identity verification.
Trust Stamp president Andrew Gowasack said the companies' long-standing work with the life insurer had demonstrated the technology's value.
"Expanding our relationship with ID Dataweb represents an important next step in our commercial growth strategy and creates an opportunity to bring our IT2 technology to a broader range of enterprise customers," Gowasack told shareholders.
"By combining Trust Stamp's privacy-preserving tokenization capabilities with ID Dataweb's identity threat detection platform and established enterprise reach, we can help more organizations strengthen identity trust while reducing the risks associated with sensitive biometric data."
Matt Cochran, chief operating officer at ID Dataweb, said the partnership shows the value of combining "innovative, privacy-preserving technologies to solve real-world identity challenges." He said integrating Trust Stamp's tokenization technology into the ID Dataweb platform would give organizations another tool to mitigate identity threats and protect biometric information "without introducing unnecessary friction into the customer experience."
