Core Insights - Trust Stamp has announced a partnership with Neural Payments to combat rising fraud in the peer-to-peer (P2P) payments sector [1][3] - The global P2P payment market is projected to grow from approximately $3.63 trillion in 2023 to about $16.21 trillion by 2034, with a compound annual growth rate of 18.1% from 2025 to 2034 [3] - Approximately 8% of banking customers have reported being victims of P2P scams in the last year, highlighting the urgent need for enhanced security measures [4] Company Overview - Trust Stamp operates a low-code orchestration platform that facilitates robust know-your-customer (KYC) processes for banks [8] - The partnership with Neural Payments aims to provide community banks with the tools necessary to offer secure P2P payment services [7][8] Industry Context - Community banks, which represent about 90% of all banks in the U.S. with nearly 4,500 institutions, are increasingly looking to offer P2P payment services to compete with larger financial institutions and fintech companies [6] - The Independent Community Bankers of America (ICBA) supports community banks through advocacy, education, and innovation, and both Trust Stamp and Neural Payments are graduates of the ICBA ThinkTECH accelerator [6][7] Technology and Security - The KYC process involves customers enrolling using their face and a government-issued photo ID, which is transformed into an irreversibly transformed identity token (IT2) for future comparisons [8] - Customers can approve payments by taking a selfie, which generates a new IT2 that is compared to the original, providing a more secure and user-friendly experience than traditional methods like one-time passcodes [9]