Galway IT firm Priviti has made it through to the final of the Innovation Awards 2018, with the winner to be announced later this month.
The company, which is headquartered at the Portershed in Eyre Square but has offices in London, Singapore, Dublin and Sydney, was founded by Gerald Barry three years ago.
It has been nominated in the IT and Fintech category – with the category winners then making the shortlist for the overall winner of The Irish Times Innovation of the Year Award
GDPR and the EU open banking directive could hardly have been more timely for Priviti. The company has developed a patented solution to manage consent for data sharing and transactions simply and securely in real time. Originally the company targeted transactions such as consent for passport details or health record-sharing over mobile phones – but as CEO Dave Cunningham outlines the market transformed in a very short period of time.
“Two tsunamis came at it in the form of GDPR and open banking. They brought a whole new raft of use cases with them….With GDPR you have to be sure that people are fully informed. If a bank customer is changing from a tracker to a variable rate mortgage, they have to be fully informed of what is happening. They also have to have a record of their informed consent. That’s where our system comes into its own. Blanket consent doesn’t cut it anymore” he said.
The Priviti solution allows customer to both grant and revoke consent for data-sharing securely, and no sensitive credentials are ever shared, stored or monetised.
For more, read this week’s Connacht Tribune.
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