Open banking

How to unlock the power of data while protecting it

June 14, 2022 | By Tanay Davis

Data is more valuable than ever — which means, more than ever, it needs to be protected.

From the rise of open banking, which enables people to share their financial data to access more choice and better experiences, to the growing desire of companies across industries to harness data to make smarter decisions and create new revenue streams, data security is key.

In the latest episode of “What’s Next In,” Mastercard’s podcast that informally explores technology, innovation and ideas, host Vicki Hyman discusses the evolution of privacy-enhancing technologies with Bob Schukai, Mastercard’s executive vice president for Technology Development, Global Open Banking, and Ellison Anne Williams, the founder and CEO of Enveil, the startup that uses homomorphic encryption to secure data while it’s being used to allow companies to innovate while protecting and respecting individual privacy.

“Privacy-enhancing technologies enable a decentralized form of data usage, collaboration and monetization to be possible,” Williams says. “These technologies leave the data at the point of origination and enable usage of that data in a secure and private way without having to move or replicate it.”

Mastercard’s privacy by design principles ensure that privacy safeguards are built into the design and creation of everything the company does, Schukai says. “We believe that your personal information is just that, it’s personal and we try to take great care to ensure it stays that way.”

To hear more from Schukai and Williams, subscribe to “What’s Next In” on Apple Podcasts or stream it directly in the player above.

Tanay Davis, Associate specialist, global communications