Level39 member Applied Blockchain, a developer of software products with added trust and data privacy, today announced the launch of SILENTDATA, a platform enabling companies to perform consensual bank account checks without any banking data being revealed or shared.
Companies can reduce their financial risk by performing real-time bank account checks on their customers; while at the same time fully protecting their data privacy.
Open banking was introduced in order to accelerate innovation and competition in financial services. However, revealing and sharing bank account data significantly increases the risk of cyber theft and fraud for both financial institutions and their customers.
SILENTDATA is the first platform to enable confidential bank account checks, where the banking data is not revealed, not even to the platform itself. This introduces a new level of data privacy and data protection.
Bank account checks are already used for onboarding new customers in the letting, mortgage, lending, trading, and legal markets.
“We believe that once customers realize that this type of protection is available for their banking data, they will demand it,” says Adi Ben-Ari, Founder & CEO at Applied Blockchain.