Very Good Security (VGS), a firm focused on protecting sensitive data, enabling innovation while ensuring security and privacy, announced an extended partnership with Plaid, a data network that powers the tools “millions of people” rely on to “live healthier financial lives.”
VGS will be “a preferred tokenization partner for Plaid customers.”
Tokenization can help protect personally identifiable information (PII) and sensitive data “from being exposed and used for nefarious purposes.”
VGS will “provide tokenization of PII and financial data vaulting services for Plaid customers.”
This will help “ensure end-to-end data security for Plaid customers by seamlessly integrating VGS services alongside Plaid APIs.”
The VGS Zero Data™ Platform “provides tokenization of sensitive data reducing liability and eliminating attack surface.”
VGS also expedites certifications “against PCI DSS, SOC2, and GDPR requirements, and reduces the total cost of compliance by up to 70 percent.”
VGS Tokenization and Zero Data™ Platform “allows companies to extract value from sensitive data with format preservation and full portability, allowing customers to avoid vendor lock-in and take back significant, valuable time spent on data security hygiene and compliance maintenance.”
VGS separates the value extraction from the actual custodianship of that sensitive data, “allowing customers to securely operate, innovate, and monetize in different ways without any of the security and compliance liabilities that come with holding sensitive data.”
Companies are able “to achieve business outcomes significantly faster by lifting and shifting the data off of their servers and client-side applications, while unlocking the latent value and operating on fingerprinted aliases.”
Hoang Leung, Head of Payments Products & Solutions at VGS, remarked:
“Building and operating financial apps involves interacting with PII and sensitive account data. Technology companies building these apps get more value from data when tokenization is employed, which creates protection for the end-user and efficient, secure operations for the company. This partnership empowers Plaid customers to easily employ proven data security solutions with no disruption to their ecosystem, leading to greater value from their secured data.”
Paul Williamson, Head of Revenue at Plaid, noted:
“Good data stewardship is critical for Plaid and all companies in the digital finance ecosystem to ensure consumer information is protected at every step. Working with partners like Very Good Security, we can help our customers raise the bar on data security, allowing them to focus on building great products with peace of mind knowing the data is highly secure.”
As noted in a release, Very Good Security (VGS) is on a mission “to secure the storage and exchange of the world’s payment-related data while maximizing its utility.”‘
Through a unique Zero Data™ approach to data security, VGS “empowers companies to turn the burden of sensitive data into an asset by creating opportunities for more revenue through data monetization, new business lines, increased product innovation, omnichannel insights, fraud reduction, and beyond.”
