Diveplane’s GEMINAI software will be evaluated by the Global Open Finance Centre of Excellence with a view to giving financial service companies and their customers the confidence to share data safely and securely.
Diveplane, the company keeping humanity in artificial intelligence (AI), announced that it is entering a new partnership with the Global Open Finance Centre of Excellence (GOFCoE) based in Edinburgh, Scotland.
GOFCoE’s mission is “to improve people’s lives by safely unlocking the potential of financial data” to help solve economic, societal and environmental challenges. They are uniquely pioneering a data-based services organisation to provide innovation capability, research opportunities and talent programmes to develop the benefits of Open Finance, and other data, about consumers, businesses and citizens.
Alan Cross, Diveplane’s Chief Commercial Officer stated, “GOFCoE will deploy our award winning GEMINAI, synthetic engine to explore the potential the technology can bring to complement their key mission and goals. We share common values, specifically that data must be protected and used responsibly and to that end we are confident this partnership will succeed.”
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GEMINAI, Diveplane’s flagship product, uses patented techniques to create synthetic datasets consisting of completely new data points, by learning patterns from existing data. These new datasets maintain many of the same statistical properties as the original data but use a variety of techniques to minimize the chances of the synthetic data revealing any information about any individual in the original data, enabling the data to be shared and studied widely while maintaining the utmost security.
Kevin Collins, CEO of GOFCoE stated, “We are delighted to begin work with Diveplane to add synthetic data alongside existing ways of working with data to support research and innovation. We are breaking new ground by unlocking the value contained within financial data as a force to improve lives. We hope the emerging new technology from Diveplane’s GEMINAI product will allow us to scale and accelerate our mission, while always making sure we are respectful and responsible when working with data.”
Legislation and best practice rightly govern the sharing of financial data to prevent any potential misuse of confidential information. GEMINAI synthetic data seeks to understand and reduce the complex risks of maintaining security and privacy when sharing data, revolutionizing the way financial data may be handled, distributed and analyzed.
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Dr Chris Hazard, Co-Founder & CTO of Diveplane stated, “I’m very excited about GOFCoE’s partnership with Diveplane because of how well our core missions and capabilities are aligned. GEMINAI will help GOFCoE uncover insights by bringing together data in a safe and secure way, maintaining the privacy, dignity, and autonomy of everyone involved while being able to deliver improved economic and social outcomes. GEMINAI’s flexibility at synthesizing accurate and private data that is suited for a wide range of purposes, or conditioned for special circumstances, will make it even easier for other organizations to engage and collaborate with GOFCoE to achieve their mutual goals in a responsible manner.
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