Data platform company RegulAItion has confirmed the Open Data Institute (ODI) as a key partner in the development of its new AIR Platform, a cross-sector data initiative hoping to revolutionise the fight against financial crime.
Announced in July 2020, the AIR Platform promises to transform the way in which data is accessed by regulated industries, providing a digital infrastructure for scalable, automated and responsible data access and offering a brand new way to tackle financial fraud – a timely announcement, given the recent decision by the European Court of Justice to overturn the Data Transfer Agreement Privacy Shield between the United States and EU.
“We’re facing the perfect storm; there is simply more data in the world than we can handle, it is suffocating businesses, industries and regulators. Equally, data silos mean organisations are unable to develop meaningful solutions, and privacy concerns such as GDPR and commercial interests stand in the way of delivering collaborative efforts to share knowledge from data,” explains RegulAItion CEO Sally Sfeir-Tait.
The new partnership will see the ODI implementing an extensive research, testing and data ethics programme as the platform deepens its privacy-by-design approach.
“For decades, regulated sectors like banking and law have struggled to innovate because of data security concerns that have left them relying on legacy systems,” comments Stuart Coleman, Business Development Director for the Open Data Institute. “The AIR Platform from RegulAItion offers the potential to innovate more easily with the reassurance of safer data access and preserved privacy. We’re excited to be looking into the business appetite for their platform across SME and MNC (Multinational Corporations) markets, giving us an opportunity to further explore the ethics of accessing, using and sharing data in regulated industries.”
Backed by Government funding from UK Research and Innovation (UKRI) and private investment totalling £1.67 million, the AIR Platform is being developed in conjunction with project collaborators including the Financial Conduct Authority (FCA), two international banks, Ashurst, Oasis Loss Modelling Framework, Wilson Wright Accounting and Tax Practice, University College London (UCL) and Loughborough University.
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