Nitromia’s fully homomorphic encryption platform is revolutionizing data utilization and AI/ML for the financial sector with dramatically increased computational efficiency.
Some of our use cases:
to the cloud
& data sharing
Nitromia supports financial institutions dependent on data sharing and enables advanced calculations and analytics, all while data remains encrypted. Currently if a bank employee wants to share data from bank databases with a different region or business line, the process is bureaucratic and time consuming. Requests are reviewed manually and can take months. With Nitromia, the authorization process is automated and data can be securely utilized by various users without limitations. Bank Employees can perform almost any data query as well as predefined AI/ML related queries and receive results based on their permissions and authorization. We view the shift to the cloud and data sharing as a foundational element and are a comprehensive partner for the full power of this asset.
With PSD2 and Open Banking regulation, data sharing between third party organizations is soon to be mandatory. Financial institutions will be forced to share private and personal end user information with other entities. With GDPR, financial institutions must also ensure that that personal data is gathered legally and under strict conditions, with no misuse and exploitation. Nitromia’s platform enables privacy throughout this entire flow of information, all while enabling 3rd parties the ability to perform advanced computations and analytics on the data without exposing it to any risk. For example if a 3rd party organization, allows a bank customer to use its digital wallet to manage bank accounts and make purchases the bank will have to supply personal details of the account to finalize the purchase. With Nitromia, data privacy is maintained throughout the entire process so that 3rd parties can compute and analyze without exposure to the data or the end results. Nitromia’s FHE platform maintains privacy for the financial institutions and end users.
Data Sharing with 3rd Parties & Regulatory Compliance
Anti Money Laundering, AML, within the financial world is the set of regulations and laws governing how financial institutions monitor, track, and report suspicious banking transactions. Nitromia utilizes cutting edge Secure AML Processes from external AML Service Providers without data exposure, enabling banks to flag potential suspicious activities without exposing private data. Nitromia securely enables 3rd party processes to expand capabilities of identifying fraudulent activities and more easily comply with regulations. Additionally, Nitromia provides statistical computational abilities, encrypted search, string or another type as a pattern, and extremely efficient run-time logic operators to be used when searching in encrypted transactions.