Keybox.co, the decentralised data security company, today announces that it was selected by global fintech leader Avaloq to participate in avaloq.one, a new platform that connects leading fintechs with the world’s financial institutions.
Avaloq.one aims to seamlessly connect leading fintechs and their solutions to Avaloq’s global financial clients. The platform is designed to promote and showcase true fintech innovation and place Avaloq, its fintech partners and its clients at the forefront of the digital revolution underpinning the next generation of financial services.
Keybox uses the power of blockchain to provide a highly secure, fully decentralised and fragmented enterprise data storage solution directly addressing the challenges of data breaches. Its permissioned smart contracts allow data owners to totally control and audit who can access, recombine and use their data.
Valuable bank customer data is vulnerable to hacks, whether stored in the Cloud or on-premise. Data at rest and data transfers between banks and third parties increase the risk of breaches. Key management and recovery remain an issue and current storage technologies rarely comply with data regulations and privacy laws (e.g. GDPR). Keybox addresses all of these issues.
Keybox stores data in encrypted fragments across multiple, decentralised private or public nodes, such that penetrating any node cannot yield any decipherable information. Authorised users recombine data from fragments using smart contract technology.
The Keybox API allows financial institutions and fintechs to seamlessly and securely manage their data at rest or in transit. Financial institutions can use their existing infrastructure to host the solution or can use the secure Keybox hosted node environment.
By being part of avaloq.one, Keybox only needs to integrate its solution to the Avaloq Banking Suite once in order to engage with Avaloq’s banking clients.
For banks and wealth managers, avaloq.one allows access to greater innovation, and helps ensure they will remain competitive by choosing from a selection of fintech applications pre-integrated to Avaloq’s Banking Suite in one place. Avaloq will continuously screen the market and validate fintech solutions and the company behind it as it looks to build an ecosystem of the world’s best fintechs that institutions can trust.
Alain Falys, CEO of Keybox, said: “Being part of the avaloq.one ecosystem is a significant development for Keybox. The platform gives us access to some of the world’s leading financial institutions who are in need of more robust data security solutions in the face of an alarming trend of data breaches. Avaloq has been highly supportive of our business, helping test our solutions and will be boosting our global reach.”
Martin Greweldinger, Chief Product Officer at Avaloq, said: “We are excited to further strengthen our ecosystem by partnering with Keybox. Avaloq is committed to delivering future-proof products and services in collaboration with its large community of partners and we are looking forward to seizing joint market opportunities.”
The bank will build on Avaloq’s platform to refine client solutions and accelerate its technology-led growth plansThe bank will build on Avaloq’s platform to refine client solutions and accelerate its technology-led growth plans..
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