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With the future of long-term remote work on the horizon and the rapid adoption of cloud services, sharing data online has accelerated immensely. In particular, the widespread proliferation of personal confidential data like health information and banking data has been of recent concern.
Last week, enterprise privacy company Skyflow announced that it is joining the Financial Data Exchange (FDX). Through this decision, the company aims to speed up the financial industry’s transition toward transparent and secure data sharing. In particular, Skyflow is extending its industry-first privacy cloud, the Skyflow Data Vault, to global financial services to help protect sensitive and confidential customer data from accidental leakage, data breaches and malicious theft.
Founded in 2019, California-based company Skyflow specializes in protecting privacy for enterprises. Through their platform, the company enables organizations to create privacy clouds that safeguard confidential personal information while enabling applications to use massive amounts of data for secure collaboration, machine learning and analytics. Using Skyflow’s privacy API and zero-trust architecture, software teams can launch, customize and extend thousands of applications in any cloud environment.
Financial Data Exchange, LLC is a nonprofit organization dedicated to unifying the ﬁnancial industry around a common, interoperable and royalty-free standard for secure and convenient consumer and business access to its financial data. Membership is open to financial institutions, fintech companies, consumer advocacy groups and other industry participants. The organization represents an industry-wide movement to enhance consumer and business control of financial data through its FDX API and technical standards that prioritize control, access, transparency, traceability and security.
“Data-intensive markets such as financial services are turning to APIs that can help solve complex problems. FDX focuses on improving the consumer and business control of financial data and privacy, which is at the heart of Skyflow’s vision,” said Anshu Sharma, CEO and co-founder of Skyflow.
The Skyflow Data Vault is an API for privacy that allows organizations to build confidentiality and trust into their systems while also accelerating the creation and deployment of thousands of secure applications in any cloud environment. With built-in compliance with HIPAA, GDPR, CCPA and other regulations, enterprises can use the interface to securely share customer data such as payments and healthcare data with third-party services.
Software teams using Skyflow’s Data Vault can create their own privacy clouds that allow their applications to process valuable data without exposing any individual’s personally identifiable payment card and personal health information. These vaults are equipped with privacy-preserving mechanisms like polymorphic encryption and de-identification, which protect enterprise data and lend to secure interactions with the data using Skyflow’s API.
Thanks to a number of preset Data Vault templates provided by Skyflow that provide the high-level schema and infrastructure of the vault, businesses can begin using the Skyflow Data Vault with a wide range of use cases. Furthermore, with customizable governance engines, companies can control who can see what data, when they can see it and from where they can access it. Finally, with built-in key vault functions through integration with APIs from Stripe, Paypal, Visa and more, companies can build workflows around key vault functions.
“We welcome new members like Skyflow to a growing financial services ecosystem intent on establishing open banking standards that protect consumers and businesses,” said Don Cardinal, managing director of the Financial Data Exchange. “The adoption of an API-based approach for data sharing provides greater control, security and transparency for our members and their customers.”
In the digital transformation of the enterprise tech world, securing sensitive data is a critical task in implementing cloud adoption initiatives and for businesses to complete transactional applications like processing payment information within the financial services industry. With the Skyflow API, enterprises can protect privacy as they interact with users and confidential data in hybrid and multi-cloud environments.
ABOUT THE WRITER
Serena He is a Tech Innovation Fellow from the University of Southern California who is interested in AI and the intersection of design and technology. She enjoys covering news across the digital identity and tech space.
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