Facteus, a leading provider of actionable insights from alternative financial data, today announced it has been certified as an Amazon Web Services (AWS) Migration Competency Partner.
This certification designates that Facteus has proven it can help financial services organizations migrate sensitive transaction data into the AWS cloud environment without compromising data privacy.
Facteus’ Mimic application allows organizations to transform raw data into synthetic, statistically-relevant data within their own environment, then move the synthesized data to AWS for further analysis, productization and insights. Leveraging the new synthetic data asset, and the AWS Cloud, organizations can migrate data for analytics, machine learning, AI and product development, or share the data with external parties with no risk of personally identifiable information (PII) being exposed or risk of non-compliance with data privacy laws and regulations (i.e. GDPR, CCPA, GLBA).
“Being able to leverage the insights available within your data can deliver a distinct competitive advantage; however, the dilemma is effectively extracting the key insights found within the data, while ensuring that sensitive personal information is protected, not shared, or put at risk,” said Chris Marsh, CEO of Facteus. “Facteus and AWS together deliver a flexible and compliant way to get the most out of your data. Synthesized data can move freely from on-premise systems to the cloud to harness the power of AWS for internal initiatives like advanced analytics, machine learning and AI, marketing, and segmentation activities, or open up new revenue streams through safe data monetization.”
AWS Financial Services Competency Partners provide cloud-based offerings that help accelerate innovation for banks, insurance companies, capital market firms, and payment processors of all sizes. AWS and Facteus teams will work together to build on the success of Facteus’ domain expertise in financial transaction data and cloud technology across more than 1,000 financial institutions to help financial services organizations reduce risk and decrease compliance costs, while accelerating time-to-market and new revenue opportunities.
Mimic is a patent-pending solution that is installed behind the financial services company’s firewall and uses randomized machine learning algorithms to create an ‘artificial’ copy of raw transaction data. This data transformation process removes sensitive PII information, while maintaining statistical relevance back to the original transaction. This synthetic data has been certified to be non-reversable and no actual user or company data leaves the organization’s environment.