PALO ALTO, Calif.--(BUSINESS WIRE)--Skyflow, the leader in protecting privacy for enterprises, today announced it is joining the Financial Data Exchange (FDX) to help speed the financial industry’s transition to modern, transparent and secure data sharing.
The rapid adoption of cloud services and the increased mobility of remote workforces is accelerating the sharing of data and the widespread proliferation of personal confidential data. Protecting customer data has now become a global concern, and regulations, such as GDPR and CCPA, and ongoing privacy breaches have resulted in massive fines and reputational harm for financial institutions worldwide. On the other hand, security measures severely restrict open collaboration to prevent accidental leakage or malicious theft of sensitive personal information.
Skyflow is disrupting this paradigm through the Skyflow Data Vault for customer data. Skyflow enables organizations to build confidentiality and trust into their systems through the industry’s first API for privacy while accelerating the creation and deployment of thousands of highly secure applications in any cloud environment. Enterprises can now share data with third-party services for collaboration and innovation with confidence that they are not inadvertently sharing personal customer data.
“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.”
Software teams using Skyflow technology can create their own privacy clouds, similar to how they create their own sales clouds or identity clouds using other infrastructure-as-a-service companies, that allow their applications to process valuable data without exposing any individual’s personally identifiable, payment card and personal health information (PII, PCI or PHI). Securing sensitive data such as PII is a critical task in digital transformation and cloud adoption initiatives for the enterprise. In addition for transactional applications where sensitive information must flow, such as with payment information within the financial services industry, firms can use their privacy cloud to share data with other services and apps as needed, without compromising privacy or raising compliance issues.
“FDX is changing the game around secure sharing of data and Skyflow join them in this mission. 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 what Skyflow’s vision,” said Anshu Sharma, CEO and co-founder of Skyflow.
FDX represents an industry-wide movement to enhance consumer and business control of financial data, through its FDX API and technical standards that prioritize the group’s Five Core Principles of Financial Data Sharing – Control, Access, Transparency, Traceability and Security.
Skyflow will offer best practices for safeguarding confidential data in financial systems and access to its industry-first API for protecting privacy as banking applications interact with users and confidential data in hybrid and multi-cloud environments.
Financial Data Exchange, LLC is a non-profit organization dedicated to unifying the ﬁnancial industry around a common, interoperable, royalty-free standard for secure and convenient consumer and business access to their financial data. FDX empowers consumers through its commitment to the development, growth and industry-wide adoption of the FDX API, according to the principles of control, access, transparency, traceability and security. Membership is open to financial institutions, fintech companies, consumer advocacy groups, and other industry participants. FDX is an independent subsidiary of FS-ISAC. For more information and to join, visit www.financialdataexchange.org.
Skyflow is the leader in protecting privacy for enterprises. The Skyflow Privacy Platform 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 industry-first privacy API and zero-trust architecture, software teams can quickly launch, customize and extend thousands of applications in any cloud environment. Founded in 2019, Skyflow is based in Mountain View, Calif. For more information, visit http://www.skyflow.com or follow on Twitter and LinkedIn.