At last check in premarket trading, shares of T Stamp Inc. (NASD: IDAI) were up 73.10% at $2.51 after closing the last session at $1.45. IDAI stock is surging when the news emerged that the company has secured a patent.
T Stamp (IDAI) today announced that on July 25, 2023, the United States Patent Office issued to the company a patent entitled “Systems and Methods for Privacy-Secured Biometric Identification and Verification”.
This patent is the sixteenth issued to the company in addition to which the company has an additional fifteen patent applications pending, including one patent that has been approved but not yet issued.
T Stamp is seeing an increased market focus on protecting the privacy and data security of the end-users of biometric services, a consideration that has been at the forefront of IDAI’s products from its inception.
For the last six years, it has invested heavily in research and development which has created a solid foundation for its current and future generations of cutting-edge, privacy-first identity products and believes that is now reflected not just in these patent issuances but also in the accelerating implementations of its technology.
T Stamp also provided an update regarding the adoption of its low-code Orchestration Platform, which streamlines the delivery and implementation of the Company’s proven technologies.
Since IDAI’s previous announcement in January 2023 that 22 financial institutions with over $50B in assets and over 850 branches were at various stages of implementing its Orchestration Layer, an additional 7 institutions, including the U.S. arm of a global institution with over 1,500 branches and assets in excess of $1.5T, have commenced the process of implementing the Orchestration Layer.
The regulatory environment governing the banking and biometric sectors continues to evolve, and these prudent financial institutions understand the importance of improving customer privacy and security in parallel to combating fraud and complying with their due diligence obligations. And that results in higher demand for IDAI’s privacy-first technology from enterprises of all sizes across the banking industry.
With its strategic pivot to focusing on SaaS product delivery, T Stamp is currently targeting a total of 45-50 financial institutions onboarded by the end of 2023 with significant long-term usage revenue starting in 2024.
