Background
Many companies within the FinTech industry are reshaping how financial services have been traditionally offered and consumed. With an overflood of regulatory audits of data security methods, organizations need to take legal and compliance regulations seriously to survive and stand above the rest.
Furthermore, we see a massive shift within the industry, with a growing focus on the modularization of financial services. Third-party providers are becoming highly specialized and technically sophisticated with the specific services they are putting on the market, making it a lot more flexible and easy for banks to rely on different providers for specific financial services.
Challenge
Especially in the context of the growing modularization of financial services, providing such services, while they are being outsourced to third-party providers, increases the risk of digital theft tenfolds.
For example, a payment service provider created a new capability offering cash collection services across retailers, which creates an elegant low-cost, and low-risk option for enterprises. Such business transactions require a secure identity check beforehand.
However, providing a secure identity for trusted business transactions that is cloud-based and supports requirements of KYC, AML, and extensive risk management is a challenge in itself. Because such services today are built on high-cost manual interactions that have proven to provide limited security and are complex and time-consuming for both the client and service provider.
Solution: Confidential Wallet
The enclaive confidential compute wallet is built to ensure data encryption even while in use and give a validated identity the needed trust and compliance. It comes with a series of inbuilt features to address the above challenges, such as:
- Data remains encrypted even when in use to retain data ownership where it belongs
- Attain the necessary security, privacy, and data sovereignty compliance by design
- Enabling secure business transactions even in cloud-based environments with no data privacy and data security limitations
Recommended Confidential Containers
enclaive offers a large portfolio of Confidential containers to shield sensitive data in the fintech sector from malicious threads. Prominent examples include:
ArangoDB | MariaDB | MongoDB | Redis | |
Nodejs | Python | Rust | Go | PHP |
Ruby | Java | C | C++ | C# |