Open banking solutions provider DirectID has partnered with artificial intelligence (AI)-powered authentication company Trust Stamp.

Under this partnership, the companies will provide consumers and organisations with open banking tools.

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These tools will use unified APIs to help organisations boost their operations and combat fraud.

The partners will jointly roll out a bank and document authentication solution backed by Trust Stamp’s facial biometric matching technology.

Combined with DirectID’s solutions, the companies will empower users with financial tools that are typically not available to those with low credit scores.

Trust Stamp’s solutions use AI to boost risk management and data protection while DirectID’s solutions use trusted data from bank and other secure accounts.

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Independently, both Trust Stamp and DirectID’s solutions streamline account application processes to bolster customer satisfaction.

Upon implementing Trust Stamp’s biometric and document authentication solutions, customers see a reduction in fraud-related losses.

These solutions feature anti-spoofing and data-protection techniques.

Simultaneously, DirectID through real-time financial data reporting and analytics, combats third-party fraud.

This helps both the companies to better assess risk by verifying sources of income, salary and identity of users.

Trust Stamp chief commercial officer Emma Lindley said: “Trust Stamp’s privacy-focused identity solutions together with the consent-driven, unified data APIs of DirectID provide a solution that balances the needs of organisations and individuals in a financially inclusive banking ecosystem.”

DirectID CEO James Varga added: “The ability to utilise bank data to verify income, identity, bank accounts and more has changed the way that banks and consumers consider data.

“Since the introduction of open banking, DirectID has taken great strides and today operates in more than 50 countries with over 13,000 banking connections.

“We are delighted to be working closely with Trust Stamp in order to give customers the most comprehensive service on the market – utilising open banking APIs while also focusing on privacy.”