In response to the Reserve Bank of Indias (RBI) stringent focus on data security for cooperative banks, Blockfenders, a leading data management and operations startup, announces an innovative collaboration with LIST Software Pvt. Ltd., a leading provider of core banking solutions (CBS).
Left- Viraj Phanse, CEO, Right – Niranjan Ingale, CTO
The RBIs guidelines have set a significant precedent for data security within the cooperative banking sector. Emphasizing secure handling, storage, and protection of data, especially Personally Identifiable Information (PII), the guidelines require robust security measures to safeguard sensitive data from unauthorized access, use, disclosure, disruption, modification, or destruction.
Cooperative banks encounter various challenges in meeting RBIs data security requirements, including the complexities of application and database security controls and the need for secure data in transit and at rest through encryption. The financial burden of cost-prohibitive upgrades for database security, especially for certain databases requiring an upgrade for Transparent Data Encryption (TDE), poses a significant challenge for smaller institutions. Additionally, the implementation and maintenance of traditional encryption solutions often demand extensive changes to existing data architectures and integrations, resulting in a costly and time-consuming process.
In a groundbreaking collaboration, Blockfenders, a portfolio company of Eximius Ventures, and LIST Software Pvt. Ltd. are set to transform data logistics for 100 cooperative banks across India in 2024. Blockfenders is introducing a self-service data logistics platform that automates workflows throughout the entire data pipeline, offering a comprehensive solution for cooperative banks. This platform includes collection and ingestion, cataloging, anonymization, encryption, tokenization, transformation, cost-effective storage, and controlled, granular data movement and sharing-all without the need for manual coding.
“We are excited to partner with Blockfenders to empower the cooperative banking sector with best-in-class data security solutions through the LIST Banking Cloud and Marketplace,” said Gireesh Balaganur, CEO and Director of LIST Software Pvt. Ltd.
Benefits for Cooperative Banks Using Blockfenders & LIST Softwares Solution:
Enhanced Data Security: Robust encryption at source, rest, and in transit, with granular access controls and user authentication, ensuring data confidentiality and integrity.
Improved Compliance: Assistance in complying with RBIs data security guidelines and other relevant regulations, supported by built-in features and expert guidance.
Cost Efficiency: Achieve up to 90% cost reduction compared to traditional solutions through automation and optimization of data pipelining.
Streamlined Data Supply Chain: Unlock data across organizational boundaries, simplifying access and utilization regardless of location.
No Coding Required: Automation of workflows eliminates the need for manual coding, reducing reliance on technical expertise.
“Our joint solution will enable cooperative banks to comply with RBI data security guidelines, build trust with their end customers,” said Niranjan Ingale, CTO at Blockfenders.
“Now cooperative banking customers will be able to spend more time on their core business objectives and less time on data movement and security,” added Viraj Phanse, CEO at Blockfenders.
By addressing the specific challenges faced by cooperative banks and leveraging the extensive expertise of LIST Software Pvt. Ltd., Blockfenders aims to empower 100 cooperative banks in 2024. This transformative solution not only protects data but also builds trust with customers and helps cooperative banks achieve their business goals.
Blockfenders is a Palo Alto, United States, and Pune, India based startup that provides a self-service data logistics platform as a service for secure, easy, compliant data movement and sharing at up to 90% lower costs, which remain constant even with increasing data workloads.
About LIST Software Pvt. Ltd.
LIST Software Pvt. Ltd. is an ISO 9001:2015 certified company with over two decades of experience, offering comprehensive Core Banking Solutions to cooperative banks and credit societies. With a global presence, LIST Software serves over 100 co-operative banking customers across 800+ branches.