Privacy Lock is pleased to announce it has entered into a strategic partnership with Sutton Bank, an Ohio community bank that is a leading issuer of nationwide payment card programs.
“New and emerging consumer privacy laws could mark the start of a new era of privacy in banking and finance, which will ultimately be good for both consumers and financial businesses. Privacy Lock is excited to help usher in that new era.”
New privacy rules and regulations are spreading quickly at the state and federal level. As of this writing, eleven states have passed consumer data privacy laws, while three states passed privacy laws covering health and/or biometric data. Five states begin enforcing new consumer privacy laws in 2023, including California, Virginia, Colorado, Utah, and Connecticut. Additionally, over twenty state legislatures are in the process of considering similar privacy laws. Congress is also expected to debate a new federal privacy law, which, if passed, would dramatically increase existing consumer privacy rights nationwide.
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All of these changes create regulatory challenges for financial companies that serve consumers in multiple states. Privacy Lock offers a simple, future-proofing solution. Privacy Lock seamlessly implements privacy compliance solutions across markets, automatically adjusting to the requirements of new state or federal privacy laws without disrupting business processes that utilize consumer data.
“Privacy Lock is the first privacy compliance tool designed for banks and fintech companies. And it’s the only privacy solution that never collects, stores, or processes your customers’ data,” explains Privacy Lock CEO, David Ritter.
Sutton Bank feels Privacy Lock’s emphasis on privacy compliance that is privacy-minded is a winning approach. According to Glenn Murray, VP of Payments Services and Strategic Growth at Sutton Bank, “Sutton Bank’s programs recognize that Fintechs face difficult challenges in complying with privacy requirements. Privacy Lock offers a tool to confidently implement compliance solutions, even as ever-increasing rules are giving consumers the right to limit and control the information collected about them.”
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Mr. Ritter added, “New and emerging consumer privacy laws could mark the start of a new era of privacy in banking and finance, which will ultimately be good for both consumers and financial businesses. Privacy Lock is excited to help usher in that new era.”
Through this partnership, Privacy Lock will help Sutton Bank’s programs:
- Operationalize privacy compliance across markets.
- Map data and automate compliance workflows.
- Manage and automate consumer request processes and DSAR requests.
- Simplify data portability and minimization tasks.
- Reduce compliance risks and implementation costs associated with data privacy regulations.
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