Trust Stamp is teaming up with 10Clouds to make its bank-grade identity verification technology more readily accessible to small business. 10Clouds is a P2P software specialist, and will help Trust Stamp deliver a user-friendly Software-as-a-Service identity solution that will empower smaller operations to complete their digital transformations.
Trust Stamp currently provides high-level security for banks and other financial institutions. The company is hoping to leverage that expertise to ensure that small businesses are just as secure as their enterprise counterparts.
In that regard, Trust Stamp CFO and EVP Alex Valdes notes that large enterprises and small businesses need to overcome many of the same logistical challenges when implementing any identity verification solution. Both want to offer a convenient user experience that complies with Know-Your-Customer regulations while minimizing the amount of friction during onboarding.
Trust Stamp is hoping that the partnership with 10Clouds will allow it to meet that demand. The modular solution can be integrated into an organization’s existing systems, which is to say that it can be configured to meet the specific needs of many different organizations. It will also allow those organizations to use their own custom branding.
The two companies have already launched the new platform, and landed Quartr as their first major client in the P2P space. Their portfolio will cover web and mobile applications in addition to other digital products.
The partnership should allow Trust Stamp to continue its upward trajectory in 2020. The company received a strategic investment from Mastercard at the beginning of the year, and has since entered the OnRamp Insurance Accelerator, which seeks to drive innovation in the insurance industry. Trust Stamp would later raise $1 million in the first 36 hours of its Series A funding campaign, which was launched with a final goal of $5.6 million in total funding.