Synthesized and NextWave Partner to Help Financial Organisations Build Products Faster and Without Privacy Worries
- 01.12.2020 04:39 pm
AI company Synthesized today announces a strategic partnership with NextWave, a leading fintech-focused consultancy. The aim of this partnership is to help financial organizations unlock the potential of their data and turbocharge innovation in a safe, compliant and secure way.
Working with NextWave, Synthesized enables customers to quickly grasp a competitive advantage and unlock new revenue streams by safely accelerating pilots and the rollout of new applications. The initiative will focus on the EMEA markets, London and Europe.
The Synthesized decentralised data access platform solves critical challenges such as access to the original dataset, poor data quality and data privacy concerns and is already used by a number of prominent financial institutions. The company uses cutting-edge AI to automate all stages of data provisioning, with the ability to process a dataset containing over a million transactions in just ten minutes.
The level of automation from the platform enables financial organisations to generate synthesized datasets, allowing them to better test data for new products and tools, increase productivity even among remote teams or train machine learning models. With the generation of such synthetic data, financial customer privacy is instantly preserved meaning complete compliance with regulations.
David Aston, CEO NextWave, Europe, said: “We are delighted to be working with Synthesized, a solution that we see as a real game-changer. Synthesized enables us to provide our clients with a new and secure way of using data when innovating. Access to safe production equivalent data for testing and analytics is a major barrier to software development and data innovation, which Synthesized can resolve in minutes. The platform creates safe, data privacy regulation proof, synthetic datasets that mirror production, providing CTO, CIO’s and CDO’s with a solution that allows teams to fast track development in a secure and compliant manner and to quickly seize the business opportunity new solutions and technology can offer clients.‘’
Dr Nicolai Baldin, CEO and Founder of Synthesized, added: “The NextWave team has an incredible wealth of industry experience and skills. Bringing our unique expertise and harnessing NextWaves’ industry knowledge, the partnership will allow us to meet the demand we are seeing from financial institutions and bolster the industry in facing the challenges of data provisioning whilst maintaining full compliance with data privacy and data governance regulations.”
Synthesized is on a mission to transform the way our society works with data using Artificial Intelligence. It supports organizations around the world to realise best data practices with fast ML-driven creation of new data assets for development and testing.
This is the latest in a string of industry-leading announcements from the London-based Synthesized. Just two weeks before the UK went into lockdown in March 2020, the firm closed a seed funding round of £2.2 million. In November, it launched the Community Edition of its data platform for Bias Mitigation. Released as a freemium version, users simply upload a structured data file to kick off the analysis process and Synthesized’s solution accurately detects and removes biases in data.
More recently, the company collaborated with the Financial Conduct Authority (FCA) to launch a collection of synthetic fraud datasets for secure third-party collaboration in the Digital Sandbox Pilot, jointly launched by the FCA and City of London Corporation.