Privacy-Enhancing Technology leader Duality to contribute to development of common technical data sharing standards for open finance
Duality Technologies, a leading provider of Privacy-Enhancing Technologies (PETs) based on Homomorphic Encryption (HE), announced today that it has joined the Financial Data Exchange (FDX), a consortium of over 170 US and Canadian financial institutions, fintechs and financial industry stakeholders working collectively to transition the financial services ecosystem to a modern, transparent, and secure financial data sharing approach.
In today’s globalized and digitized economy, collaboration amongst financial institutions is key to building innovative services and mitigating risk. Duality has developed the first of its kind privacy-enhanced data collaboration platform for financial institutions seeking to share sensitive data while keeping it private, enabling them to securely share information required for open banking, and for other purposes including customer onboarding and collaborative financial crime investigations across institutions and borders. Utilizing Homomorphic Encryption, Duality’s platform enables collaborating banks and financial institutions to share sensitive information without exposing Personally Identifiable Information (PII) or any other confidential information at any point during the process. As a leader in secure data collaboration, Duality will join other FDX members in working to develop technical standards for financial data sharing in the financial services industry.
Duality’s deep expertise in Privacy-Enhancing Technologies will help enhance FDX’s development and application of its ‘5 Core Principles of Data Sharing,’ which states that “service providers need to ensure the safety and privacy of data.” By gaining Duality’s perspective on PETs, FDX will be able to ensure that data sharing and open banking initiatives can be implemented effectively while also guaranteeing the integrity and security of sensitive data, as well as consumer privacy and trust. In an era of widening privacy legislation, the utilization of PETs will help entities within the financial services ecosystem ensure best practices for privacy and maintain compliance with new and emerging regulations.
“We welcome the addition of Duality into the FDX family and their experience with unique privacy-enabling innovations,” said Don Cardinal, Managing Director, Financial Data Exchange. “Creating a more consumer-centric and secure user-permissioned financial data sharing ecosystem is one of FDX’s primary objectives. We appreciate all our expert members like Duality who have expertise in making financial information-sharing secure and trusted. We are excited to have Duality on board as the financial services market unites around secure, interoperable standards, empowering institutions to collaborate and build better services, while protecting their clients’ privacy and security.”
“As a leading advocate for privacy-preserving data sharing and provider of Privacy Enhancing Technologies, Duality is thrilled to join the FDX community, helping advance the privacy controls in the FDX API standard,” said Dr. Kurt Rohloff, CTO and Co-Founder, Duality Technologies. “The FDX is a major stakeholder in making financial information-sharing and open banking a reality in North America, but these breakthroughs can only be achieved if data security and privacy are ensured. We are looking forward to collaborating with more financial services leaders across North America in order to enable them to share information securely while minimizing privacy risks.”