Innovation Award wins for banking reference data applications
We’re proud to have received two A-Team innovation awards for our banking applications, built in collaboration with Element22, for the DANIE banking consortium:
- Most innovative use of distributed ledger technology
- Most innovative financial data security solution
Our KYC and AML apps enable secure peer-peer data collaboration. The DANIE group has been using our technology since 2019 to improve data quality. It allows them to securely and anonymously identify data outliers by comparing reference data, without having to reveal it. The solution has been tested to manage 700,000 LEIs. Members can compare more than 20 fields of data attributes for thousands of companies and compare and verify them against other banks’ data.
Our partner, Mark Davies, from Element22, describes our privacy enhancing technology as:
“A game changer for collaboration.”
“It provides a level of data sharing that couldn’t previously be achieved. There have always been concerns around remaining anonymous and not sharing client lists. Whatever process was put in place always had problems. PET takes the problems off the table.”
Société Générale Corporate and Investment Banking (SGCIB) was one of Secretarium’s first clients and is a lead member of the DANIE consortium. Their innovation leader, Anthony Ta, explains how the technology works:
“The first application, Datalign, uses the LEI as a matching key. Participants can benchmark all their datasets linked to LEIs, such as legal names, company addresses, BIC codes and NACE codes. To participate in DANIE, banks can create an account on the platform, which is a user-friendly web application. No particular skills are needed. Participants extract from their databases a list of LEIs and data fields, put them in an Excel file and drag and drop the file onto the platform where the data is processed by the DANIE Datalign reconciliation service. The participants are anonymous, and the data encrypted. Whether the reconciliation process takes seconds or minutes depends on how large the datasets are. The service provides a report showing data that has full consensus with peers’ data and any outliers.”
Semaphore is a data reconciliation app specifically for KYC checks. It allows users to compare confidential client data fields like Politically Exposed Persons (PEPs) and negative news. If a discrepancy occurs, the data field is flagged and can be investigated further.