PCR Announces Major Enhancements to Privacy Architecture to Help Firms Stay Ahead of Global Privacy Regulation
New Innovations Include Expanded Digital Consent Capabilities, Multi-Jurisdictional Hosting of Personal Data and New Document Storage Technologies
WILTON CT April 16, 2019. PCR, the leading provider of data aggregation and wealth information management services to UHNW families, private banks, multi-family offices, institutional investors and investment advisors, today announced the addition of major enhancements to the company’s ground-breaking data sharing architecture.
The First Data Aggregation Plant of the GDPR Era
Originally introduced 18 months ago, PCR’s data aggregation platform delivers major innovations in how wealth data is gathered, stored and shared. The platform emphasizes “Privacy-By-Design” principals that ensure that the guidance of established regulations such as General Data Protection Regulation (GDPR) are met and that firms are institutionalizing their management of personal data.
Digital Consent and Pseudonumization
The platform includes a Digital Consent application that allows advisors and clients to digitally authorize the sharing of information with PCR as their aggregator replacing credential-based methods for most investment assets. The platform also implements pseudonymization principals which segregates the storage of personal data, investment data and linking information (account numbers) in separate data centers to make it much more difficult for any security breach to correlate this information.
Expanded Coverage to almost 40K Sources
The enhancements include expansion of Digital Consent coverage from 400 electronic and 12,000 manager sources to all 38k SEC registered vehicles. Additionally, firms can now elect to host the Digital Consent application in their own data centers, including other countries that may require personal information to remain in that jurisdiction. Finally, a new set of APIs enable investment firms and technology providers to embed Digital Consent into their workflows, CRM systems and advisor desktops.
“Over three years ago we concluded that global GDPR-like regulation would be inevitable and made an early commitment to re-build a technology-based approach to wealth data aggregation and data sharing that fully embraced Privacy-By-Design principals,” said Bob Miller, CEO of PCR.
New Privacy-Led Storage Architectures
The platform storage architecture was expanded to cover sensitive documents such as the statements, capital calls and distribution notices PCR processes. The enhancement digitally shreds all documents into two parts that can only be reassembled with third secret with each component stored in three separate data centers.