Facteus, a leading provider of technology and services to safely unlock actionable insights within sensitive data, today announced it is now part of the Snowflake Partner Network, focusing on enabling financial services organizations to safely access the scale, speed, and data services available in the Snowflake Data Cloud.
Through this partnership, organizations can leverage Facteus’ Mimic synthetic data engine and data enrichment services to transform, enhance, and migrate their sensitive data to the Snowflake Data Cloud.
Installed behind the organization’s firewall, Mimic uses proprietary machine learning technology to create an ‘artificial’ copy of an organization’s sensitive data, such as raw transaction data. This data transformation process removes sensitive personally identifiable information (PII), while maintaining statistical relevance back to the original data source.
This synthetic data cannot be reverse engineered back to the original transaction or organization. Through Facteus’ Data Enrichment Services, the synthetic data is cleaned, enhanced, and prepared for use in analytics, machine learning and AI, marketing and segmentation activities, and external data monetization to create new revenue streams.
“Financial services organizations have wrestled with how to safely and securely migrate their most crucial systems and data to cloud-based environments; however, many organizations lack the resources to make the conversion or remain hesitant to store sensitive data in the cloud,” said Chris Marsh, CEO of Facteus.
“Through this partnership, organizations can transform their data into privacy-compliant synthetic data that can be safely migrated to Snowflake’s Data Cloud to take advantage of the available computing power, analytics tools, and data marketplace. Organizations can now safely expand how they leverage their data assets and maximize the potential to create new revenue sources.”
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The Snowflake Partner Network unlocks the potential of the Data Cloud through a broad array of tools and partners. Through certified partnerships and integrations, organizations can leverage Snowflake’s flexibility, performance, and ease of use to deliver more meaningful data insights. Facteus is a certified partner for Snowflake’s Technology, Services, Data Provider, and Powered By Snowflake partner programs.
“Digital transformation and data optimization within financial services has been hampered by aging on-premise legacy systems, siloed data environments, and growing regulatory and security concerns around data privacy,” said Matt Glickman, VP Customer Product Strategy, Financial Services for Snowflake. “The combination of Facteus’ platform with Snowflake’s Data Cloud enables financial services organizations to safely and securely transform their organization through data. ”
Synthetic data enables organizations to be comfortable migrating their data to the cloud to capitalize on the computing power and latest technologies like machine learning, artificial intelligence, and analytic tools to increase time-to-market and create a competitive advantage.
Using synthetic data, innovation labs and product groups can share financial data and collaborate on new innovations and segmentation strategies in a public or hybrid cloud environment using statistically-relevant insights.
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