Core Banking

Skyflow Joins Financial Data Exchange to Transform Secure Sharing of Banking Data

Skyflow, the pioneer in ensuring protection for undertakings, today declared it is joining the Financial Data Exchange (FDX) to help speed the financial industry's progress to current, straightforward and secure data sharing.

The quick appropriation of cloud administrations and the expanded versatility of distant labor forces is quickening the sharing of data and the far and wide expansion of individual secret data. Securing client data has now become a worldwide concern, and guidelines, for example, GDPR and CCPA, and continuous protection penetrates have brought about huge fines and reputational hurt for financial establishments around the world. Then again, safety efforts seriously limit open cooperation to forestall incidental spillage or malevolent robbery of delicate individual data.

Skyflow is upsetting this worldview through the Skyflow Data Vault for client data. Skyflow empowers associations to incorporate confidentiality and trust into their frameworks through the industry's first API for protection while quickening the creation and organization of thousands of exceptionally secure applications in any cloud climate. Undertakings would now be able to impart data to outsider administrations for coordinated effort and development with certainty that they are not incidentally sharing individual client 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 utilizing Skyflow innovation can make their own protection mists, like how they make their own business mists or character mists utilizing other framework as-a-administration organizations, that permit their applications to handle important data without uncovering any person's by and by recognizable, installment card and individual wellbeing data (PII, PCI or PHI). Making sure about delicate data, for example, PII is a basic undertaking in computerized change and cloud reception activities for the endeavor. Likewise for conditional applications where delicate data must stream, for example, with installment data inside the financial administrations industry, firms can utilize their protection cloud to impart data to different administrations and applications varying, without trading off security or raising consistence 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.

About FDX
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.

About Skyflow
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.

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