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Facteus Receives 2020 Finovate Award for Best Regtech Solution

 

Facteus Receives 2020 Finovate Award for Best Regtech Solution

Mimic™ synthetic data engine recognized for excellence in fintech

PORTLAND, Ore.  – Sept. 21, 2020 – Facteus , the leading provider of actionable insights from financial data, announced it has received the 2020 Finovate Awards’ Best Regtech Solution for its Facteus Mimic™ synthetic data engine.

The awards recognize excellence in fintech and highlight the featured companies’ strong work in driving innovation for the industry.

Facteus Mimic™ was chosen for its ability to safely synthesize companies’ data assets into “synthetic data” stripped of sensitive personal information to protect consumers, while still maintaining statistical relevance. The synthetic data can then be used for analytics, machine learning and AI, marketing and segmentation activities, and external data monetization to create new revenue streams.

“The Finovate Awards are all about showcasing innovation and progress across the top issues on the minds of Financial Services Technology executives,” said Greg Palmer, VP at Finovate. “Regulation, compliance, and data security are always top-of-mind, and the Facteus Mimic solution stood out among our panel of judges for its unique approach to solving the dilemma of data innovation while protecting individual privacy and compliance.”

Mimic is a patent-pending solution that is installed behind the financial services company’s firewall and uses randomized machine learning algorithms to create an ‘artificial’ copy of raw transaction data. This data transformation process removes sensitive PII information while maintaining statistical relevance back to the original transaction. This synthetic data cannot be reverse-engineered back to the original transaction or banking institution.

“The signature business issue of our time is ‘how do we safely turn data into valuable information?’ We have solved this problem with Mimic,” said Randy Koch, CEO of Facteus. “Mimic™ is particularly valuable in its ability to drive data-driven innovation while complying with data privacy regulations like GDPR, CCPA, and GLBA.”

Business and investment analysts using Facteus data can gain a granular understanding of consumer behavior trends at the industry level (retail, entertainment, hospitality, etc.) or at the specific company level. The transactional data offers a comprehensive, real-time perspective into evolving customer behaviors, such as where consumers are shopping, how much they are spending at specific merchants, and through which point of sale (in-person or online). This granular view can provide investors and analysts and informational edge when making investment decisions, sizing markets, or developing new products.   

Headquartered in Portland, Oregon, Facteus works with more than 1,000 financial institutions and payments companies. Employing a team of data scientists and financial services industry veterans, Facteus has made it its mission to help organizations unlock the value of their data and develop “fact-based insights,” without compromising security, privacy or data regulations.

About Finovate

A subsidiary of Informa Connect, Finovate is a research and events firm focused on innovation in financial and banking technology. Its team runs the Finovate conference series and authors the popular Finovate blog. Finovate is the only conference series focused exclusively on showcasing the best and most innovative new financial and banking technologies. Finovate conferences consistently attract large, high-impact audiences of senior financial and banking executives, venture capitalists, press, industry analysts, bloggers, regulators, and entrepreneurs.

About Facteus

Facteus is a leading provider of actionable insights from financial data. Through its innovative, patent-pending synthetic data process, Facteus safely transforms raw financial transaction data from legacy technologies into actionable information, which can be used for machine learning, artificial intelligence, data monetization, and other strategic use cases, without compromising data privacy. The company’s data products have been gathered directly from over 1,000 financial institutions, payment companies, fintechs, and payment card programs, giving business and investment executives access to the “truth” of actual consumer financial transactions, not just general trends. To learn more, visit www.facteus.com.

Contact

Malea Ritz

BackBay Communications

malea.ritz@backbaycommunications.com

Steve Shaw
SVP, Marketing
503-805-6726

Steve.shaw@facteus.com

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