Applied Blockchain launches SILENTDATA to enable privacy-preserving open banking checks
15th April 2021
Announcing the launch of SILENTDATA
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 the 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 realise that this type of protection is available for their banking data, they will demand it.” says Adi Ben-Ari, founder & CEO at Applied Blockchain.
About Applied Blockchain
Founded in 2015, based at Level39 in London’s Canary Wharf, and backed by seed investment from Shell, Calibrate and QBN Capital, Applied Blockchain develops products used by some of the largest global enterprises in energy and financial services.