How do you store your identity data?
Have you ever been asked by Compliance or the Regulator about historic customer data and felt your heart sink?
- What did you know when, and how is that maintained as time moved on?
- On what basis did you make the decisions you made at that time?
- Can you tell the regulator what was true at any given time?
- Did you treat the customer fairly with what you knew?
We’ve all been there and it ain’t pretty.
The answers are often buried in audit tables in different systems or even in process state; piecing it all together is a massive and often manual challenge. Of course you can build a complex data warehouse and constantly synchronise data from multiple sources… sounds like a sensible use of time and resource
To us this shouldn’t be such a difficult question to answer and certainly for the team at FoundryOS we don’t see this as anything other than the everyday.
Take Identity Lifecycle…
We take a different approach. At FoundryOS we have a bitemporal data store at the heart of our identity platform. This means we can understand how all your identity data (customers, counterparties and anyone who interacts with them) changes over time. This allows you to make the right decisions for your customers and your business.
Hold on… What is bitemporal?
For those of you who aren’t as techie as us about this stuff bitemporal data is data that is stored associated with two dimensions of time. Yes, two time dimensions!
- When the event occurred. This is known as the valid time
- When the data was stored. This is known as the system time.
It sounds simple but it isn’t how most people think about data!!
Why we 💜 bitemporal
By focusing on completeness and accuracy of data, a bitemporal approach facilitates the creation of complete audit trails of data. All data becomes immutable. Specifically this allows for queries which provide:
- The most accurate data possible as you know it now
- Data as you knew it at any point in time
- When and why the data your changed
For anyone who is governing customer data in a regulated environment this is extremely exciting! It's quick to see why these types of queries are so valuable. It gives accuracy to why you make decisions now and also lets you understand why you made decisions at a specific point in time.
Shameless plug (sorry not sorry) but all of the capabilities of FoundryOS Identity are powered by bitemporal data, allowing us to ensure every decision is the most accurate. From onboarding and KYC to risk profiling and ongoing monitoring, bitemporal data allows us to allow you to make the most accurate business processes, and provide a fully regulated framework for audit of your decisions.
If you’ve got the right data, you can make the right choices.
FoundryOS are design partners of @XTDB 2.0 and use it to drive our bitemporal data stores across our platform.
And who are we?
We are FoundryOS
We’re building the future fabric of Financial Services