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Press release content from Business Wire. The AP news staff was not involved in its creation.
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Press release content from Business Wire. The AP news staff was not involved in its creation.

Skyflow Launches New India-Based Data Privacy API to Solve RBI Tokenization and Data Residency Mandates

December 15, 2021 GMT

BENGALURU, India--(BUSINESS WIRE)--Dec 15, 2021--

Skyflow today announced the launch of its Data Privacy Vault in India. The vault is hosted on virtual private clouds running on servers in India and provides industry-leading security and compliance features, including a tokenization solution that allows companies storing data in India to comply with the Personal Data Protection Bill of 2019.

Data localization has become a legislative priority for the Indian government. The PDP Bill restricts the storage, transfer, and processing of personal data in India, and is set to go into effect on December 31st, 2021. Any company storing data of this type in India is required to implement a solution or face a severe restriction of features and functionality.

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Skyflow’s Approach to India’s Data Residency Requirements

Skyflow offers a turnkey data residency solution using India-based servers so businesses storing personal data can comply with this law without the cost of developing a solution on their own. In addition to powerful encryption, de-identification, and data governance features, the Skyflow vault can localize and tokenize data in India in full compliance with the new legislation. Skyflow’s tokenization features also make it easy to comply with new regulations from the Reserve Bank of India around the handling and storage of payment card data. To learn more, see the Skyflow blog.

When a Skyflow customer needs to store personal data in a specific region in the world such as India, Skyflow creates a Data Privacy Vault for that customer within an in-region virtual private cloud. The customer’s developers can then use the Skyflow API to handle the collection, storage, encryption, and processing of all personal data, ensuring compliance with residency regulations.

Spoon, a fintech company that works with millennial and Gen-Z customers located in India, stores customers’ personal data in Skyflow’s Privacy Data Vault located in Mumbai:

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“Spoon’s mission of educating young adults about money and helping them access financial services requires us to be guardians of their sensitive data. Skyflow makes this easy,” said Kurian George, Founder and CEO, Spoon. “Skyflow also makes complying with new regulations from the Reserve Bank of India — like those around managing payment card data or data residency — straightforward and simple.”

More than Tokenization

Skyflow’s Fintech Data Privacy Vault is designed to accommodate the changing data residency landscape. Skyflow not only limits vault access to individual customers, but also isolates the storage, protection, and processing capabilities of vaults within a single region chosen by the customer. The vault provides businesses with a fast and cost-effective way to satisfy any data residency requirements, whether it is India’s PDP Bill, EU’s GDPR, Brazil’s LGPD, or South Korea’s PIPA.

Skyflow made this announcement to help companies that are struggling to meet the data residency deadline and are looking for solutions.

“Any company that has customer data will benefit from using Skyflow’s Data Privacy Vault. Skyflow’s robust features make it easy to meet new regulatory requirements, from network tokenization of payment card data to data residency, and beyond,” said Anshu Sharma, CEO and Co-Founder, Skyflow.

Skyflow’s Radical New Approach: Go Beyond Compliance

Skyflow takes a different approach to data privacy. Inspired by the data vaults built internally by companies like Apple, Google, and Netflix that spend tens of millions of dollars on privacy, Skyflow has built a zero-trust data vault that any company’s developers can use. At its core, the Skyflow data privacy vault is powered by a radical new approach called polymorphic encryption, which utilizes the latest industry-standard encryption and tokenization algorithms.

About Skyflow

Founded in 2019, Skyflow is a data privacy vault for sensitive data. Our founders wanted to radically transform how businesses handle their users’ financial, healthcare and other personal data -- the data that powers the digital economy. Inspired by the data vaults that leaders like Apple and Netflix built to handle customer data, our vision was to deliver the same kind of data privacy vault as a simple and elegant API, something any developer could easily build into their application, the same way they use Stripe, Twilio, or Okta. Skyflow is based in Palo Alto, California, with offices in Bangalore, India. For more information, visit http://www.skyflow.com or follow on Twitter and LinkedIn.

View source version on businesswire.com:https://www.businesswire.com/news/home/20211214006370/en/

CONTACT: Peter Zibinski

Waters Agency

Skyflowpr@watersagency.com

KEYWORD: CALIFORNIA UNITED STATES INDIA NORTH AMERICA ASIA PACIFIC

INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT LEGAL FINANCE SOFTWARE NETWORKS

SOURCE: Skyflow

Copyright Business Wire 2021.

PUB: 12/15/2021 05:14 PM/DISC: 12/15/2021 05:14 PM

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