Increasing digitization of products and services requires a secure, trusted and easy to exchange and managing personal data. Nonetheless, current fragmentation of identity related information online leads to insecure and inconvenient practices. This forces users to suffer heavy onboarding procedures, overshare their identity information and leave such information spread over the Internet without a managed, consistent and enforceable policy of how personal data should be handled by the increasing number of service providers (SPs) online.
On the other hand, companies find it difficult to access quality ID information that is needed to provide their services and thus end up repeating the same KYC procedures already executed by other SPs.
Furthermore, the upcoming General Data Protection Regulation (to be in force in 2018) will increase SPs’ obligations when processing personal data, ensuring strengthened and more frequent consent, rights to erasure, data portability, profiling and movement of such data outside the EU. Due to increasing digitization trends related to Internet of Things, Cloud Computing, Big Data Analytics, Blockchain, data and voice driven digital assistants, complying with such regulations and meeting users’ expectations with regards to privacy, confidentiality, data security is a challenge.
Personal Data Exchange Services that connects end-users with innovative service providers to enable them to transact in a secure and compliant environment.
Such personal data exchange service enables companies, institutions, end-users and smart devices to exchange personal data attributes as well as any sensitive information between them. The LuxTrust platform allows service providers to define what personal data they need for each of their services, under which policies and GDPR parameters. In addition, the service enables a chain of trust which allows service providers to validate and reuse trusted attributes in the system, this way eliminating costly KYC procedures and getting access to most up to date information about their customers.
Less friction between Your Customers and Your Services:
- Fast Sign-up and Log-in for any service
- Secure Management and Exchange of Personal Data
- Network of Trust (validate and re-use validated attributes)
- Continuous Attribute Updates (be notified and updated when users change their data)
- Contract Generation and Signing
Full Transparency and Control
- One window for overlooking one’s Personal Data
- Users’ consent, notifications and control
Compliance and Reporting for GDPR
- Privacy by Design at the core of the platform
- GDPR compliance and reporting integrated