Throughout January, The Fintech Times is sharing industry predictions for 2023 as well as ideas for ‘moving fintech forward’ in the next 12 months.
Dr Ellison Anne Williams, CEO and founder of Privacy Enhancing Technology company Enveil, discusses the growing importance of PETs.
“Data silos and privacy boundaries continue to cripple financial organizations’ ability to fight criminal activity such as fraud and money laundering.
Understanding that secure and private data sharing and collaboration are key enablers, we will increasingly see these entities harness technology-powered solutions to overcoming data silos at scale.
Privacy Enhancing Technologies (PETs) are already being applied to a broad range of data usage challenges across industries and that usage will only increase in 2023. The category, which has been garnering attention from both regulators and industry analysts for some time, will prove its staying power by allowing banks to securely collaborate across jurisdictions and organizational boundaries.”
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