Snowflake launches Financial Services Data Cloud

Snowflake launches its Financial Services Data Cloud with more than 600 industry data partners as well as large customers including BlackRock, Capital One and Western Union. Snowflake's Financial Services Data Cloud combines the company's governance tools, industry-specific datasets and clients' first party data. The win for customers such as Western Union is that they can consolidate data warehouse infrastructure, deploy digital business models and leverage technologies such as machine learning better.

Snowflake’s Data Cloud helps organizations accelerate their top-line growth and innovation while mitigating risk. Banking, insurance, fintech, and investment management customers, and others in the financial services industry, can utilize Snowflake’s Financial Services Data Cloud to launch new customer-centric products and services, build fintech platforms of the future, and accelerate their compliance and regulatory compliance. Industry-leading customers like Allianz, AXA, BlackRock, Capital One, NYSE, Refinitiv, Square, State Street, Western Union, and Wise, are already part of the Financial Services Data Cloud.

“As a trusted global brand with millions of customers around the world, our priority has always been to focus on what our customers need today and tomorrow, and keep innovating to exceed these needs. The Financial Services Data Cloud’s industry-tailored capabilities along with the Snowflake platform’s best-in-class data security and governance are key to Western Union’s technology modernization program and to our vision of building our new ecosystem connecting millions of people living across the globe.” said Western Union Chief Data Officer, Tom Mazzaferro. “

Snowflake’s platform governance capabilities have been crafted to support the stringent requirements of today’s financial services organizations.

Snowflake Financial Services Data Cloud enables customers to:

· Securely collaborate on data across the enterprise, while efficiently meeting regulatory requirements, using Snowflake’s powerful security and governance capabilities, including: private connectivity for multiple public clouds, enhanced encryption with bring your own key (BYOK), built-in classification and anonymization of sensitive data, and integration with 3rd party tokenization providers, all offered in compliance with SOX standards.

· Securely share data across multiple public clouds with support for sharing from multi-tenant environments to Virtual Private Snowflake (VPS) environments coming in a future release.

· Leverage Snowflake as the first company achieving the new Cloud Data Management Capabilities (CDMC) financial industry standard, which is sponsored by the EDM Council and verified by KPMG.