OpenFin, the operating system (OS) of finance, today announced that eXate, the data privacy solutions provider, has joined OpenFin’s growing community of financial institutions and FinTech firms deploying their desktop applications on OpenFin’s OS.
Today, data protection is vital and access to data needs to be restricted in line with complex regulatory and internal policies. eXate protects data and makes it available only to authorized users based on customisable policies set by compliance and legal teams. In the analogue world, ink bombs ensure that stolen cash is rendered useless. In the digital world, where data is the new currency, eXate acts like a digital ink bomb and renders data useless upon a breach.
With the implementation of GDPR, it is critical for businesses to ensure that new applications are built with privacy factored in from the outset (“Privacy by Design”) and that existing applications are updated for privacy. eXate enables firms to more easily handle onerous data privacy requirements by allowing sensitive data to be secured, tagged and sharded, and then reconstructed if permitted. The solution allows users to implement a data strategy that incorporates privacy at its core and seamlessly control the processing of sensitive data as it moves between applications.
With eXate’s data privacy solution on OpenFin OS, firms can easily protect data in both new web applications and existing applications written in other technologies. There are two key scenarios for using the eXate solution with OpenFin OS. Firstly, it enables testing of new code with live client data in testing environments internally, and sharing of protected live data with third parties, with the ability to revoke access on demand. Secondly, it allows for a simple and safe cloud migration strategy by keeping tight controls on sensitive data with the ability to reconstruct only within a firm's firewall.
Peter Lancos, CEO and Co-Founder of eXate, said: “We are delighted to collaborate with OpenFin. While OpenFin is focussed on delivering the desktop strategy as the core operating system for finance, we are focussed on delivering the data strategy which firms must implement to comply with the evolving regulatory landscape. Application developers building on OpenFin now have a central “out of the box” utility to manage end-to-end data privacy and protection, allowing them to focus their efforts on delivering business value instead of needing to become regulatory experts.”
Adam Toms, CEO, OpenFin Europe added: “Everything we do at OpenFin is about making it as easy as possible for firms to securely build and deploy innovative applications quickly and efficiently. We are delighted to welcome innovative fintech firms such as eXate, who have recently graduated from Accenture’s Fintech Lab, to our community. Our collaboration makes it even easier for firms to comply with data privacy requirements.”