Facteus Certified as AWS Cloud Migration Competency Partner for Financial Services Industry
MimicTM synthetic data solution enables financial services organizations to transform sensitive data into privacy-compliant data sets that can be migrated to the cloud
PORTLAND, Ore. – May 19, 2021 – Facteus, a leading provider of actionable insights from card spending and 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.
What the AWS Certification Means for Facteus Data
Facteus’ Mimic application allows organizations to transform raw data into synthetic, statistically-relevant data within their own environment, and 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).
Commenting on this, Chris Marsh, CEO of Facteus, said:
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.
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.
About Facteus
Facteus is a leading provider of actionable insights from alternative financial data. Through its innovative synthetic data process, Facteus safely transforms raw financial transaction data from legacy technologies into actionable information, which can be used for machine learning, artificial intelligence, data monetization, and other strategic use cases, without compromising data privacy. The company’s data products have been gathered directly from over 1,000 financial institutions, payment companies, fintechs, and payment card programs, giving business and investment executives access to the “truth” of actual consumer financial transactions, not just general trends.
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Media Contact
Jonathan Chin
Co-Founder, Head of Data & Growth Strategy
jonathan.chin@facteus.com
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