Trust Stamp and Neural Payments Partner to Decrease P2P Fraud Risk

Trust Stamp and Neural Payments have partnered to decrease the risk of fraud in P2P transactions. The integration of Trust Stamp's low-code Orchestration Platform into Neural Payments' services provides robust Identity Verification for KYC processes and selfie-based reauthentication for payments. With the global P2P payment market size projected to reach USD 16.21 trillion by 2034, this partnership aims to make banks and customers more secure.

Trust Stamp and Neural Payments have joined forces to fortify the security of peer-to-peer (P2P) transactions, a move that comes at a critical time as the global P2P payment market continues to expand. The partnership aims to mitigate the rising risk of fraud by integrating Trust Stamp's low-code Orchestration Platform into Neural Payments' services, providing robust identity verification for Know Your Customer (KYC) processes and selfie-based reauthentication for payments.

The global P2P payment market is projected to reach USD 16.21 trillion by 2034, growing at a compound annual growth rate (CAGR) of 18.10% from 2025 to 2034 [2]. As the market grows, so does the risk of fraud, with 8% of all banking customers reporting victimization by a P2P scam in the last 12 months [2]. This partnership seeks to address these concerns by leveraging advanced identity verification technology.

Trust Stamp's low-code Orchestration Platform enables users to enroll using their face and government ID document, then to approve future payments with a selfie. Instead of storing sensitive biometric information, selfies are converted into Irreversibly Transformed Identity Tokens (IT2), which can be compared to future IT2. This approach eliminates the need for callbacks, insecure one-time passcodes sent via SMS or email, or authenticator apps, making the authentication process seamless and secure [2].

Neural Payments, a leader in real-time P2P payments, advanced fraud prevention, and flexible disbursement solutions, already serves nearly 80 financial institutions. The integration of Trust Stamp's technology into Neural Payments' services aims to provide a high level of security while removing friction for both payees and recipients. By combining advanced identity verification with seamless real-time payments, the partnership delivers a solution tailored to community bank priorities—strengthening security, simplifying compliance, and elevating the customer experience [2].

Both Trust Stamp and Neural Payments are graduates of the Independent Community Bankers of America (ICBA) ThinkTECH Accelerator, which focuses on driving innovation that addresses the industry's most pressing challenges and opportunities. The partnership fulfills the promise of the ICBA's ThinkTECH Accelerator by combining advanced identity verification with seamless real-time payments [2].

In conclusion, the partnership between Trust Stamp and Neural Payments represents a significant step forward in securing P2P transactions. By integrating cutting-edge identity verification technology into real-time payment solutions, the partnership aims to reduce fraud, streamline authentication, and keep customers' money and trust exactly where it belongs.

References:
[1] https://en.coinotag.com/billions-network-launches-mobile-identity-app-offering-ai-resistant-verification-with-nfc-and-zero-knowledge-proofs/
[2] https://www.marketscreener.com/quote/stock/T-STAMP-INC-119074904/news/Trust-Stamp-Partners-with-Neural-Payments-to-Bring-Innovative-ID-Security-to-the-3-2-Trillion-P2P-P-50372816/