London-based RegTech company Pontus Vision has launched an open source GDPR solution for financial institutions.
The EU General Data Protection Regulation (GDPR), which will come into force on the 25th May 2018, will impact every business that processes or collects data from EU citizens. Failure to meet he regulatory requirements could result in significant penalties of up to €20 million or 4% of global annual turnover.
As a result, Pontus Vision’s new GDPR solution is an open source, secure, software-based solution. It enables firms to search for any given customer and quickly access all of the data the business holds about them in a single, consolidated view. It claims the solution helps companies to easily and efficiently comply with GDPR.
Leonardo Martins, founder of Pontus Vision, said: “We have designed Pontus Vision GDPR to enable financial service firms, challenged with historical data management issues, to very quickly and efficiently meet their GDPR requirements. Having built the solution following an engagement with the UK Government, we have applied our knowledge and expertise in security to the development of Pontus Vision GDPR and are pleased to offer it as an open source solution to the financial community.”
The solution is designed to deliver GCHQ-level security even when data is stored in the cloud, enabling firms to streamline and automate their data management processes, without changing underlying systems or procedures, or implementing potentially restrictive proprietary solutions.
According to Pontus, this approach considerably reduces the time, cost and effort required to take the steps necessary to achieve GDPR compliance.
Pontus Vision GDPR constantly extracts and tracks all of the personal data that the business holds on its customers, empowering Data Protection Officers to collate and analyse all of the personal data relating to a particular client. Firms can also quickly respond to GDPR-related subject access requests (SARs) and track privacy impact assessments (PIAs), even when the data is stored in different siloed locations and in varying formats.
By providing the ability to access customer data in a single view also enables firms to enhance the customer experience and create personalised opportunities for cross-selling and upselling. Additionally, Pontus Vision GDPR offers a ‘self-service’ option allowing organisations to provide their customers with the ability to delete or update their own personal information.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
