Understanding Data Validation for Banks

Data validation is not just a service but a crucial pillar for fintech companies, especially as traditional banks need help with their data's integrity. This critical function is vital for all banks as the volume and complexity of 3rd party vendors are handled daily. CORE data - alongside third-party data, must be handled accurately, reliably, and compliant with regulations such as AML and KYC standards. iDENTIFY's core mission is to unify bank data and to address these problems with our tools, such as the data validation platform, thereby keeping you informed and aware of the importance of data validation in FinTech.

What is Data Validation?

First, data validation verifies that internal and third-party data is accurate, complete, and within an acceptable degree of variation to be consumed in reporting and ready for efficient querying. Aside from inherent security measures, it's essential to automate data handling so that customer data can be handled efficiently when stakeholders need it. By also inherently mitigating risk by smoothing out any discrepancies, other benefits of data validation are as follows:

• Regulatory Compliance: Ensuring that data is validated is essential for the integrity of CORE data, especially as it relates to AML and KYC standards.
• Efficient Querying and Reporting: For banks migrating their CORE Data to Snowflake, validating data is the first measure taken as the data is consumed in Snowflake's data cloud.
• Faster To-Market Solutions: With properly validated data, the integrity of the reporting improves significantly. The reliability of this data ensures that stakeholders can make informed decisions with accurate data.

Challenges in Data Validation

With third-party vendors all shipping data in various formats, unifying these channels is one of iDENTIFY's core services. Considering the volume of data ingested daily, our team's experience enables us to understand and translate data from third-party vendors into a uniform schema to be ingested into Snowflake's data cloud. While previous systems also impose challenges in data validation and regulatory requirements, our solution of migrating CORE data to Snowflake's data cloud enables banks to take advantage of modern fintech.

Conclusion

With iDENTIFY being a prominent software company enabling banks to leverage modern fintech, we've worked on projects with massive data companies-- such as Jack Henry, FiServ, and Marqeta - ensuring that banks receive validated, secured, and compliant data. As a Snowflake Select Partner, we've created a considerable amount of solutions for the banking industry-- where we're creating the data validation platform.

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