MARINA DEL RAY, Calif., Nov. 21, 2022 (GLOBE NEWSWIRE) -- 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 Labs
Spring 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.
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Tony Keller
OutVox
tkeller@outvox.com
