Skyflow launches FinTech Data Privacy Vault

By Edlyn Cardoza

Recently, Skyflow announced a new zero trust data privacy vault that allows software teams to build and ship next-generation financial apps and systems faster. The new Fintech Privacy Vault removes the data security, privacy and compliance challenges associated with personal identity and financial data. The vault is delivered as a simple API and supports a broad set of financial services workflows and compliance requirements, including money movement, customer onboarding, customer data management, card issuance, and card acceptance. Its FinTech ecosystem integration features also ensure the data can be securely connected to key third parties like Visa, Plaid, Stripe or Alloy for secure, authorized uses.

“When fintechs build workflows that handle highly sensitive data, they must ensure that data is secure from breaches and attacks, compliant with all the relevant regulations, and only utilized in ways that preserve user privacy,” said Skyflow CEO Anshu Sharma. “This important work is a huge time sink for developers and compliance is never a sure thing. Instead, developers can implement cutting edge privacy infrastructure through a simple API and focus their time on customer-facing features that drive value and usage.”

Every FinTech company today builds systems and workflows for one or more of these key functions:

• Onboarding new users
• Identity verification
• KYC and AML compliance
• Payments
• Card issuing
• Card acceptance
• Account opening
• Customer data management
• Cryptocurrency-related integrations

“With pre-built integrations to customer onboarding and card issuance services, Skyflow is saving us a lot of time by completely isolating our environment from any PCI data,” said Alok Prasad, CEO of CashRepublic. “It’s incredible what we can get out of a simple API.”

Skyflow’s new FinTech Data Privacy Vault provides a robust and elegant solution, delivered via a simple API. The FinTech Vault builds on the foundations of Skyflow’s very first financial services offering focused on payments — Skyflow’s Payments Vault — and now adds support for a broader set of industry workflows. The Skyflow innovations and key features that make these PII and PCI workflows easy to build while ensuring data privacy and security include:

• New client-side SDKs for iOS, Android, and JavaScript built around Skyflow Elements, special APIs that make it easy to securely collect and tokenize sensitive data from within mobile or web apps.
• Pre-built integrations to key FinTech ecosystem service providers, including new and improved integrations with Alloy, Plaid, Visa, Moov, Mulesoft, Experian, Stripe, and Paystand.
• A simple way for developers to build their own custom connections to any internal or external service they need, including KYC and identity verification services, credit bureaus, card networks, and more.

In addition, Skyflow’s unique governance engine allows fine-grained data access controls, so data can be used in carefully controlled and fully auditable ways. Skyflow’s global deployability and isolated VPC data architecture make meeting data residency requirements and compliance with laws like GDPR straightforward and efficient.