15 June 2021, DUNDALK, IRELAND:
- Trustmatic brings industry-leading identity verification technology to organisations of all sizes.
- Partners with world-renowned biometrics provider, Innovatrics.
- Opens Irish office to support growth in Europe
Trustmatic has today officially announced its launch and entry into the online identity verification market, and a strategic partnership with Innovatrics, a global leader in biometric technology. The company is headquartered in Dundalk, Ireland, and plans to establish an AI centre of excellence in the Irish border town.
Trustmatic’s Onboarding Trust Platform helps to reduce fraud and improve the customer onboarding experience by guiding users to capture their identity document and a high-quality selfie via their smartphone or webcam. Trustmatic’s technology then verifies the ID is genuine by extracting the data and performing AI-powered checks using computer vision, facial biometrics, and liveness detection. As a result, the onboarding process for the user is seamless, taking just seconds to complete. At the same time, the powerful Trustmatic algorithms can assess each onboarding attempt in real-time and establish if the onboarding is genuine.
Donal Greene, CEO and Founder of Trustmatic, said: “We’re excited to launch Trustmatic, as the global demand for secure and user-friendly online identity verification technology continues to grow. Fuelled in part by the ongoing global pandemic, organisations of all sizes now realise the need to be able to securely verify the identity of their customers fully remotely. Dundalk, located midway along the Dublin-Belfast economic corridor, is the ideal location for our headquarters, allowing us to attract the brightest minds in machine learning and to deliver first-class support to our European customers.”
With online fraud a growing concern for banks, fintechs, telco operators, and sharing economy providers, the identity verification market is predicted to grow to $17.8bn by 2026, with a market growth of 13.4% CAGR. The major factors driving the identity verification market include growing digitization initiatives, identity theft, an increase in fraudulent activities from the past decade, and an increase in the use of digital identities among verticals. Furthermore, governments and enterprises have also taken many initiatives to focus on digitalization and adoption of new technologies, like ML, AI, and automation in identity verification solutions.