Q2 and ALTR leverage the blockchain to boost data security
Hot on the heels of its Finovate debut earlier this month, blockchain-based data security platform ALTR has teamed up with digital banking solutions provider Q2 to unveil a new solution to improve data security, reports David Penn at Finovate.
The new technology, Q2 TrustView, powered by ALTR, adds to Q2’s approach to data management and protection by mitigating security breaches in real time. The solution protects critical data by fragmenting personally identifiable information (PII) across a private, low-latency blockchain, and makes data-at-rest unusable to unauthorised parties.
Q2 TrustView powered by ALTR also gives authorised users a comprehensive insight into who accesses sensitive information, as well as data on when and how frequently that data is accessed.
“Great financial experiences are built on a foundational confidence and trust that an account holder’s data will be protected,” Q2 CTO Adam Blue said. “With Q2 TrustView, we are strengthening our data management approach to ensure that protections are in place for our customers and their users at every step of the data journey.”
ALTR CEO Dave Sikora praises Q2’s leadership in a “highly-regulated industry,” and says it was a “powerful validation of the confidence (that) banking and lending institutions” have in his company’s technology.
He adds, “Data is critical to these institutions, and the integration of ALTR’s smart driver and blockchain technologies into Q2 TrustView reinforces Q2’s approach to data security, privacy, and governance by implementing a critical human error countermeasure.”
Founded in 2004, Q2’s Biller Direct enables consumers to aggregate their bills and pay them via credit or debit card. The solution both improves the billpay experience for consumers and gives financial institutions the opportunity to earn interchange revenue in the process.
The company closed out 2018 with the acquisition Gro Solutions.
Austin, Texas-based ALTR was founded in 2014 to help businesses leverage blockchain technology to change the way data is monitored, accessed, and stored.
The company announced in April that its technology had earned Level 1 Service Provider accreditation for the latest version of the PCI DSS (Payment Card Industry Data Security Standard).
In February, ALTR partnered with IT solutions integrator Sirius Computer Solutions to provide its blockchain-based data security as a managed service.