Enveil Teams Recognized for Innovative Secure Data Collaboration Solution at International TechSprint Events
Pioneering Data in Use Security Provider Among Winners at FCA Global AML and Financial Crime TechSprint Events in UK and US
WASHINGTON, D.C., August 9, 2019 – Enveil, a pioneering data security company protecting Data in Use, was recognized among the winners at two recent technology TechSprints hosted by the Financial Conduct Authority (FCA). Leveraging the company’s breakthroughs in homomorphic encryption, Enveil worked with market participants to develop a flexible and adaptable trust framework capable of facilitating secure and private Know Your Customer (KYC) and Customer Due Diligence (CDD) processes to enhance intelligence-led decision making. The solutions developed by the Enveil-led teams won the US event, won the KYC/CDD use case in the UK, and placed second overall at the UK event.
The UK and US FCA Global AML and Financial Crime TechSprints, held in London and Washington, D.C. respectively, were designed to showcase the applicability of Privacy Enhancing Technologies to address critical Anti-Money Laundering (AML) and Financial Crime challenges affecting financial service providers. The events included participants from more than 60 firms spanning 10 countries as well as regulators and law enforcement agencies from the United States, Europe, Middle East, and Asia Pacific.
“The FCA TechSprints provided us with a tremendous opportunity to work collaboratively with representatives in the financial services sector to develop a solution specifically designed to address a global AML and Financial Crime challenge,” said Ellison Anne Williams, Founder and CEO of Enveil. “The recognition we received validates Enveil’s capabilities as a foundational component of a trust framework that can enable Financial Institutions to collaborate around sensitive information, better understand customer risk, and make faster, better informed decisions.”
The UK TechSprint, held July 29 to August 2, 2019 at the FCA offices in London, explored the potential for emerging technologies to positively impact the prevention and detection of financial crime. Enveil worked alongside representatives from HSBC, Barclays, ING, EY, BAE Systems, and Refinitiv to tackle a challenge directed at identifying red flags during customer onboarding. At the conclusion of the five-day event, the team presented an overview of its solution to an audience of financial institutions, regulators, and law enforcement, and demonstrated how the application of innovative cryptographic techniques can address real-world AML and Financial Crime challenges.
For its winning effort in the US TechSprint, Enveil teamed with JP Morgan, EY, Square, and Protiviti to present a solution that could enable data and knowledge sharing among relevant bodies in order to identify and impede criminal networks. The team’s solution focused on secure, automated multi-party collaboration utilizing homomorphic encryption under section 314(b) in the current US regulatory framework.
The FCA is the conduct regulator for 59,000 financial services firms and financial markets in the UK and the prudential regulator for over 18,000 of those firms. FCA TechSprints bring together market participants to work collaboratively on shared challenges to assess and solve important issues in financial services.
Enveil is a pioneering data security company protecting Data in Use. Performing actions such as search and analytics have historically required decryption, creating points of exposure. Enveil’s Never Decrypt computation capability closes this last gap in data security by protecting data while it is being used. Enveil allows enterprises to securely operate on data in the Cloud, on prem, or anywhere in between. Founded by U.S. Intelligence Community alumni with backgrounds in mathematics, algorithmics, and machine learning, Enveil is revolutionizing data security by addressing a Data in Use vulnerability that people have been chasing for more than 20 years.