iProov and TrustCloud partner to bring post-quantum encryption to digital identity management
iProov, a science-based biometric identity solutions provider, and TrustCloud, a provider of secure digital transaction solutions, have announced a partnership that aims to transform how organizations handle remote onboarding, account opening, and digital identity management. Combining their expertise in biometric verification, post-quantum encryption, and secure digital wallets, iProov and TrustCloud will enable seamless and secure digital experiences for organizations across a range of different sectors, including financial services and healthcare.
As digital transactions become ubiquitous, the need for secure onboarding and identity verification has skyrocketed. In the past year, a staggering 90% of consumers have used some form of digital payment (Source: McKinsey & Company), underscoring the growing preference for online transactions. The stakes for organizations to get this right have never been higher, particularly in sectors like banking, healthcare, and e-commerce, where fraud losses reached a record $56 billion in 2023 (Source: Juniper Research). The onboarding process, which was once considered a mere formality, has become a critical frontline guard in the battle against fraud, and organizations need to strike the delicate balance between safeguarding their operations and delighting their customers more than ever before.
“Amidst a global surge in sophisticated cyber threats, regulatory demands, and the desire for a seamless user experience, our collaboration with iProov is a timely response to the needs of organizations worldwide,” said Saioa Echebarria, CEO at Trustcloud. “TrustCloud has earned an enviable reputation for offering post-quantum encryption and secure custody of digital assets, ensuring that agreements, contracts, and sensitive data are protected. By incorporating iProov’s biometric verification, our partnership will create an unparalleled level of security that enables organizations to confidently onboard customers remotely, backed by the best available fraud and identity theft protection.”
“iProov empowers identity verification and trust service providers to deliver a uniquely secure, exceptionally usable experience,” said Andrew Bud, founder & CEO, iProov. “Trustcloud is a highly successful multi-national provider of identity and trust services with a great reputation for quality. We’re delighted to partner with them.”
