Synthesized, NextWave form partnership to turbocharge innovation

By Sunniva Kolostyak

Synthesized, the AI firm, has announced a strategic partnership with FinTech consultancy NextWave to help financial organisations build products faster and without privacy worries in a safe, compliant and secure way.

The partnership will help financial organisations unlock the potential of their data, unlocking new revenue streams by safely accelerating pilots and the rollout of new applications.

Synthesized solves problems around access to original datasets, poor data quality and data privacy concerns through a decentralised data access platform. By utilising AI to automate all stages of data provisioning, it can process a dataset containing over a million transactions in just ten minutes.

As a result, financial organisations are able to generate synthesised datasets to better test data for new products and tools, increase productivity and train machine learning models.

With the generation of such synthetic data, financial customer privacy is instantly preserved meaning complete compliance with regulations.

Commenting on the partnership, David Aston, CEO NextWave, Europe said: “Synthesized enables us to provide our clients with a new and secure way of using data when innovating. Access to safe production equivalent data for testing and analytics is a major barrier to software development and data innovation, which Synthesized can resolve in minutes.

“The platform creates safe, data privacy regulation proof, synthetic datasets that mirror production, providing CTO, CIO’s and CDO’s with a solution that allows teams to fast-track development in a secure and compliant manner and to quickly seize the business opportunity new solutions and technology can offer clients.”

Dr Nicolai Baldin, CEO and Founder of Synthesized added: “The NextWave team has an incredible wealth of industry experience and skills. Bringing our unique expertise and harnessing NextWaves’ industry knowledge, the partnership will allow us to meet the demand we are seeing from financial institutions and bolster the industry in facing the challenges of data provisioning whilst maintaining full compliance with data privacy and data governance regulations.”

Earlier this year, Synthesized closed a seed funding round of £2.2 million, and the firm has recently launched a community edition of its data platform for Bias Mitigation. It has also collaborated with the Financial Conduct Authority (FCA) to launch a collection of synthetic fraud datasets for secure third-party collaboration in the Digital Sandbox Pilot, jointly launched by the FCA and City of London Corporation.

The initiative will focus on the EMEA markets, London and Europe.