The article explores how pioneering Privacy Enhancing Technology company Enveil is changing the paradigm of how and where organizations can leverage data to unlock value.
Enveil is a pioneering Privacy Enhancing Technology company changing the paradigm of how and where organisations can leverage data to unlock value. In today’s ever-shifting regulatory landscape, Enveil’s ZeroReveal solutions allow financial institutions to securely and privately share data across jurisdictions and between entities to facilitate real-time insights from disparate data sources — data that would be otherwise impossible to access in a business-relevant timeframe. The company’s Privacy Enhancing Technology-powered solutions enable organisations to collaborate to solve business challenges while prioritising privacy and compliance.
What has been the traditional company response to financial technology innovations nationally?
I often find that companies don’t particularly care about innovative technologies in and of themselves — they only care about how the technologies can uniquely solve their specific business problems. That’s one beautiful aspect of introducing innovations in Privacy Enhancing Technologies, or PETs, to regulated industries like financial services: they uniquely address a plethora of business pain points for the organisation. PETs – and particularly homomorphic encryption, a key pillar of the category – aren’t making existing processes better; they are making entirely new functionalities possible by allowing these businesses to securely utilise decentralized data in-place while respecting regulatory boundaries. For use cases such as Anti-Money Laundering and Fraud, banks want access to additional data sources because they can provide a more complete global operating picture, which ultimately allows them to make better, intelligence-led decisions.
How has this changed over the past few years?
While the rise in global privacy demand and regulations has been positive for consumers, the new additional requirements, paired with regulatory inconsistencies across regions, have been challenging for businesses, especially those handling regulated data. But one thing is clear: regulations aren’t going away — the current landscape is very much the new normal. It is critical that businesses embrace technologies and solutions that can help them thrive within this environment, and ultimately design their systems so that they can adapt to additional changes as they occur.
Read the full piece here.