Skyflow to developers: embrace Privacy-as-an-API (PaaAPI)
With a name like Skyflow, an organisation or brand could be loft window specialist, a plumbing contractor or a premier service for executives to buy unlimited ‘bottomless up’ drink services when in-flight.
But Skyflow is in fact none of those things.
Skyflow is a data privacy vault for sensitive data.
The company was founded by Anshu Sharma (CEO) and Prakash Khot (CTO) who wanted to radically transform how businesses handle users’ financial, healthcare and other personal data.
Skyflow believes developers at fintech startpus and digital-first financial firms should be able to get to market faster with their value-added services without having to worry about data privacy, data security or compliance – a position that is good to hear, surely?
The company has this month announced the launch of its Payments Data Privacy Vault, a zero trust data vault for securely handling sensitive payments and personal data. The vault is delivered as a API, allowing fintech developers to build applications without worrying about data security, privacy, or compliance.
Sharma and Khot say that fintech startups and digital-first financial services companies need to quickly build apps with highly sensitive and highly regulated data.
According to the team, “Until now, they have been forced to choose between investing the time and money required to build a best-of-breed data vault solution on their own, or relying on a patchwork of difficult-to-integrate data security and compliance products, each designed to solve one part of the data privacy problem.”
In an attempt to answer the challenge then, Skyflow provides these teams with a PCI-compliant data privacy vault with built-in tokenisation, polymorphic encryption and a data governance engine, all delivered as an API.
With Skyflow, the apps they build can retrieve credit data, run KYC to validate an identity, issue cards and process payments with third parties, without having to directly access sensitive personal data. The Skyflow Payments Vault can be deployed in less than a day.
Privacy-as-an-API (PaaAPI)
Inspired by the data vaults built internally by companies like Apple, Google and Netflix that spend tens of millions of dollars on privacy, Skyflow has built a zero trust data vault that a fintech company can put into production.
The Payments Vault is ready to handle both financial and PII data and has built-in data loss protection, PCI compliance, a customisable data schema and a configurable governance engine.
“For too long, new ideas in financial services and banking have been slowed by the compliance and security hassles of handling PII and PCI data while ensuring privacy and compliance” said Sharma. “We built Payments Vault to remove those obstacles, and to enable faster time to market for fintech innovations.”
With pre-built secure lambda functions that integrate to the larger payments ecosystem — including Plaid, Stripe, PayPal, i2C; Visa, Mastercard and American Express; Experian, Equifax and Transunion — Skyflow is ready for any fintech workflow or application.
