The Spring Labs platform can be used by financial institutions to share consumer data with each other while maintaining privacy with respect to who owns the information.
“Institutions can share consumer data in the [data pool or] network, which will be encrypted and can be accessed in real-time,” Ivanov said. “Financial institutions that are a part of the consortium can access the encrypted data to verify a consumer’s identity through a variety of data points like address, phone number, email identification and others to make the best credit or other financial decisions.”
