Digital operating systems developer OpenFin has embedded the data privacy solutions of eXate into its solution.
eXate protects data by only letting authorised users access the information. This is based on customisable policies set by compliance and legal teams.
By deploying its data privacy solution onto the OpenFin operating system, firms will be able to protect their data within web applications and existing applications written on older technology.
The solution will let users test new code with live client data in testing environments internally and share protected data with third parties while maintaining to ability to revoke access on demand. Additionally, the solution allows for simple and safe cloud migration strategies by keeping tight controls on sensitive data.
eXate CEO and co-founder Peter Lancos 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.”
OpenFin closed its Series C round on $17m earlier in the month, planning to use funds on product innovation and building software to help asset managers, wealth managers and hedge funds with their private app stores.
Talk of data protection has flooded the market over the past year, with GDPR’s implementation in May 2018 only fuelling this. Interest has clearly found its way to the investors, with GDPR becoming the third most funding regulation since 2014, RegTech Analyst data shows.
Between 2018 and 2019 Q1 there has been $10.9bn invested into RegTech solutions, of which, 15.7 per cent (1.7bn) has gone to companies building a GDPR-related solution.