Synthesized and NextWave partner to enable best data practices with AI-powered data assets
Working with NextWave, Synthesized enables customers to seize competitive advantage and unlock new revenue streams by safely accelerating pilots and rollout of new applications. The initiative will focus on the EMEA markets.
Synthesized’s data platform solves critical challenges such as access to original data, data quality and data privacy and is used by a number of prominent financial organisations. The company uses cutting-edge AI to automate all stages of data provisioning, with the ability to process a dataset containing over a million transactions in just ten minutes.
The level of automation from the platform enables financial organisations to generate synthesized datasets, allowing them to better test data for new products and tools, increase productivity even among remote teams or train machine learning models. With the generation of such synthetic data, financial customer privacy is instantly preserved meaning absolute compliance with regulations.
David Aston, CEO NextWave, Europe said, “We are delighted to be working with Synthesized, a solution that we see as a real game-changer. Synthesized enables us to provide our clients with a new and secure way of using data when innovating. Access to safe production equivalent data for testing and analytics is a major barrier to software development and data innovation, which Synthesized can resolve in minutes. The platform creates safe, Data Privacy Regulation proof, synthetic datasets that mirror production, providing CTO, CIO’s and CDO’s with a solution that allows teams to fast track development in a secure and compliant manner and to quickly seize the business opportunity new solutions and technology can offer clients.‘’
Dr Nicolai Baldin, CEO and Founder of Synthesized added, “NextWave’s team has an incredible wealth of industry experience and skills. Bringing our unique expertise and harnessing NextWave’s industry knowledge, the partnership will allow us to meet the great demand we are seeing from financial institutions and bolster the industry in facing the challenges of data provisioning while maintaining full compliance with data privacy and data governance regulations”.
The partnership is built on the core mission of our business which is to empower data practitioners and technologists with high-quality data assets adhering to best practices of ethical and privacy-preserving data sharing. After all, as data goes, so goes the world. Or is it the other way around?
Used correctly, data can be a force for positive change, but it can also reflect the bias that exists in every corner of the world, see
- 27 Nov 2020 - the UK government report on Review into bias in algorithmic decision-making
- 19 Oct 2020 McKinsey’s report on Data Accuracy, Fairness, Explainability and Stability
- 9 Sep 2020 - the UK government Policy Paper National Data Strategy
- 15 May 2020 - Accenture’s report on a Scalable Data Strategy
If the data is not fit and proper, then the AI that consumes it won’t be too. The Synthesized Data Platform in particular enables companies to intelligently profile structured data at scale and run a comprehensive “health check” for being fit and proper for any dataset.
This is the latest in a string of industry-leading announcements from the company. More recently, we collaborated with the Financial Conduct Authority (FCA) to launch a collection of synthetic fraud datasets for secure third-party collaboration in the Digital Sandbox Pilot, jointly launched by the FCA and City of London Corporation.
For more information on the Synthesized Data Platform, request a product demo.
