Vetted by TransUnion, Spring Labs Launches TrueZero to Transform the Exchange of Sensitive Data
21 November 2022 - 03:00PM
Spring Labs today launched TrueZero, a tokenization service that
enables companies to exchange information with other financial
institutions without ever revealing the underlying sensitive data.
TrueZero authenticates account information more securely and cuts
vendor due diligence times by up to 50%. The service also replaces
business’s sensitive information with non-sensitive data called
tokens to allow businesses to share data with third parties without
sending any PII.
“We created Spring Labs with the mission to transform for the
exchange of sensitive information and to enable businesses and
their customers to retain control of their data. However, privacy
and security are really hard and expensive to do. So we made it
easy and affordable,” said John Sun, CEO and Co-Founder of Spring
Labs. “TrueZero is a highly configurable service, offering SaaS and
on-prem deployments. Unlike other tokenization services, TrueZero
never sees or duplicates business’s sensitive cardholder data or
PII, enabling those businesses to retain complete control over
their data.”
TransUnion (NYSE: TRU), a global information and insights
company, tested TrueZero to evaluate the ability to append credit
data without sharing personal identifiable information. TransUnion
found that service performed with speed, scale and agility while
also meeting data-handling compliance requirements.
“TrueZero is an innovative service in that it makes it easy for
businesses to securely share data without sacrificing performance,
security or privacy,” said Steve Chaouki, president of U.S. Markets
and Consumer Interactive at TransUnion and a member of the Spring
Labs Board of Directors. “We look forward to seeing TrueZero become
a standard service for many industries.”
Beyond data exchange, TrueZero has broad applicability across
PCI and GDPR compliance and PII footprint minimization use cases.
Compliance teams can reduce 95% of their company’s PII footprint by
replacing sensitive data with tokens throughout operational areas.
Card issuers can reduce PCI compliance costs by up to 75% by
minimizing their exposure to sensitive cardholder data.
For more information about TrueZero, please email
contact@springlabs.com or visit
https://springlabs.com/truezero-tokenization/.
About Spring LabsSpring Labs helps businesses
securely store and share sensitive data without revealing personal
identifiable information (PII) with patented, ultra-secure
cryptography and tokenization solutions. Spring Labs’ tokenization
solutions are leveraged by leading financial institutions to
support a variety of data exchange, data minimization, and PCI
compliance use cases. Based in Marina Del Rey, California, Spring
Labs was founded in 2017 by Adam Jiwan, John Sun, and Anna Fridman.
Spring Labs investors include TransUnion, GreatPoint Ventures,
August Capital, GM Ventures, and others. Learn more at
www.springlabs.com.
CONTACT: Tony KellerOutVoxtkeller@outvox.com
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