TransUnion and Spring Labs Partner to Transform the Exchange of Sensitive Data
April 21 2021 - 8:00AM
With an unrelenting focus on information security and consumer
privacy, TransUnion (NYSE:TRU) continues to build and invest in
technology to help businesses and consumers transact in an
increasingly digital marketplace. The company is advancing this
goal with a preferred equity investment and strategic cooperation
agreement with Spring Labs, an advanced cryptography and blockchain
based financial technology firm transforming the exchange of
sensitive data. Together, Spring Labs and TransUnion aim to
increase access to Spring Labs’ data exchange network and products,
while enabling TransUnion to expand protection of sensitive
consumer data and promote transformative technology in its
business.
“Spring Labs built a state-of-the-art technology protocol that
cryptographically transforms and anonymizes data to unlock new data
and products,” said Steve Chaouki, President of U.S. Markets at
TransUnion, who is joining the Spring Labs Board of Directors. “The
ability to securely exchange information without revealing the
underlying data and identity of network participants creates
opportunities for our customers and the consumers they serve
through sharing of historically siloed data.”
Spring Labs is revolutionizing the way consumer financial data
is stored and shared among financial services institutions with a
network foundation known as the Spring Protocol. This
privacy-preserving information exchange returns control and value
to data owners, unlocking new data sources and enabling
competitively sensitive parties to collaborate for the common
good.
Spring Labs’ advanced cryptography allows strict control of
information visibility, and its permissioned blockchain provides a
time-stamped, immutable record and audit trail. This approach
offers a rare combination of transparency and privacy, uniquely
suited to data exchanges in instances where participants may be
concerned about sharing with competitors. For example, lenders can
exchange information to identify fraud or verify identities without
disclosing underlying data.
“We are thrilled to announce TransUnion’s investment and related
cooperation agreement. With tens of thousands of customers,
TransUnion is the ideal partner for Spring Labs as a respected
global information and insights company that shares our commitment
to stewarding sensitive data. We see multiple avenues for
collaboration, including the extension of our products, services
and network to TransUnion’s customers,” said Adam Jiwan, co-founder
of Spring Labs. “Additionally, by joining our Board, Steve will
help drive continued growth for Spring Labs through his deep
understanding of the business, data and analytics needs of
Financial Services and other industries.”
At the core of this relationship, TransUnion will help expand
existing Spring Labs’ networks to new organizations, as well as
develop new networks based on customer needs and interests.
“Our core promise is to make trust possible between businesses
and consumers,” said Marko Ivanov, Senior Vice President at
TransUnion and Spring Labs partnership lead. “Spring Labs resolves
the challenge of information sharing among competitors without
inhibiting competition, while providing regulatory transparency and
protecting consumer privacy. In addition, the flexibility and ease
of integration of the Spring Protocol will enable rapid design and
deployment of new networks in numerous industries across multiple
use cases including credit risk, fraud and marketing. We are
excited about the possibilities.”
Spring Labs recently demonstrated the potential of its
technology by deploying a network for data sharing among Property
Assessed Clean Energy (PACE) financing providers, launched in Q4
2020. Network participants estimate it could save up to $10 million
in fraud or 1% of total industry loan transactions.
About TransUnion (NYSE: TRU)TransUnion is a
global information and insights company that makes trust possible
in the modern economy. We do this by providing a comprehensive
picture of each person so they can be reliably and safely
represented in the marketplace. As a result, businesses and
consumers can transact with confidence and achieve great things. We
call this Information for Good®.
A leading presence in more than 30 countries across five
continents, TransUnion provides solutions that help create economic
opportunity, great experiences, and personal empowerment for
hundreds of millions of people.
http://www.transunion.com/business
About Spring LabsSpring Labs creates and
oversees anonymous, decentralized data networks that vastly
increase the amount, quality, and security of information available
to market participants. Spring Labs leverages sophisticated
cryptographic tools and blockchain technology to provide data and
metadata integrity guarantees, tamper-evident workflows, and
privacy-preserving tokenization that allow for the corroboration of
information without the exchange of underlying data. These
interlocking technologies help mitigate fraud, improve verification
capabilities, and securely provide access to previously unavailable
data in the financial services industry. Based in Marina Del Rey,
California, Spring Labs was founded in 2017 by Adam Jiwan, John
Sun, and Anna Fridman. Spring Labs has approximately 50 employees
and prior to the current funding round has raised over $38m from
investors including GreatPoint Ventures, August Capital, GM
Ventures, and others. Learn more at www.springlabs.com.
Press ContactsSpring Labs:
- Otto Pohl,
otto@corecommunicationsconsulting.com - Daniel
Mason, daniel@springlabs.com
TransUnion:
- Dave Blumberg,
david.blumberg@transunion.com, 312-972-6646
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