Synechron announced a partnership with LeapYear Technologies to accelerate the use of differential privacy solutions that Synechron can provide to its top tier banks, asset management firms, insurance companies, and stock exchange clients.
LeapYear provides differential privacy solutions that help firms extract commercial value from the large-scale collection and use of data. Differential privacy is a mathematically proven standard of data privacy that ensures all data can be used for analytics and machine learning without the risk of compromising information about individual records.
Sandeep Kumar, managing director, Innovations, Synechron, said in a statement: “LeapYear has advanced a new generation of technology that can be tapped for privacy preserving data access and use. This allows firms to monetize the vast amounts of data they collect.”
Kumar explained that datasets are often siloed within different lines of business across a financial services company for regulatory and confidentiality reasons. This data can be collectively leveraged to derive analytics and valuable insights, while still keeping individuals, clients and institutions private, and can be shared with external partners without worrying about exposing client information.
Anantha Sharma, Synechron’s director – Innovations & Data Science, said in a statement: “By applying sophisticated use-case specific techniques through differential privacy, data can now be shared in a safe way. Businesses can infer certain characteristics that can be used commercially, all without any data leakage. This can be applied to real-world situations, such as in developing flow data products, creating credit risk models to predict loan losses, for use with FICO scores and for credit card issuance, among other situations.”
Synechron has been working to prepare its technical teams and FinLabs experts across the globe on the use and deployment of LeapYear’s solutions and will make this available to its financial services clients across North America, Europe and Asia. Moving forward, Synechron and LeapYear will be working to develop other use cases and solutions that will provide additional tangible benefits to companies.
Ishaan Nerurkar, CEO of LeapYear Technologies, said in a statement: “LeapYear’s solutions are becoming the defacto way for capital markets teams to fully leverage their data. Our solutions allow enterprises to break down silos, form data partnerships, and maximize the commercial impact of their franchise data.”