Finance and communications industries among first to embrace new permission-based data sharing with transparent access throughout industries
AUSTIN, TX (Sept. 30, 2014) – XOR Data Exchange (XOR), the nation’s first patent-pending permission-based data exchange, is introducing a revolutionary system to facilitate the sharing of proprietary data across industries. This new system enhances many of today’s credit and fraud risk, authentication, marketing and compliance efforts. XOR increases transparency of data use, giving control and accountability back to data owners.
“XOR adds an important new layer to ‘Big Data’ that allows companies to take advantage of truly unique and powerful data in a trusted, permission-based data ecosystem that provides 100 percent transparency to data owners,” said Mike Cook, XOR’s CEO and founder. “Since January we have been actively facilitating relationships across our initial markets, and our industries have responded positively by telling us specifically the types of data and solutions they are looking for. We already have several exchanges underway.”
XOR’s Exchange Members establish granular permission settings, controlling the specific conditions under which their data can be accessed, by whom and for what purpose. To further strengthen transparency of the data exchange, XOR offers its members instant notification each and every time their data is accessed, with details on what industry accessed it, when it was accessed and why it was accessed. This increased degree of control and transparency introduces a level of accountability never before seen in the industry.
In addition to its unprecedented levels of control and transparency, XOR breaks the traditional consortium mold of single-focused, one-to-one data sharing relationships. Instead, XOR creates a dynamic data exchange community, enabling multiple, non-linear data-sharing relationships across competing and noncompeting companies and industries. This gives Exchange Members the ability to compliantly share and access data in ways that create increased predictive capabilities.
“The value of our data is extremely important to us,” said Kent Mader, vice president of customer risk management at a major Pay TV provider and vice president of the Telecommunications Risk Management Association. “The fact that we can decide how our data is shared is crucial. There are consortiums and exchanges that exist today, but we don’t have complete control of how our data is being used. Ensuring we’re getting the maximum value out of our data, protecting its usage while also understanding exactly how it is being used is very important to us. XOR introduces the opportunity for new conversations and potential partnerships, both in our industry and in others. This isn’t something we’ve previously had access to.”
In addition to its advanced permission settings and real-time notifications, XOR offers its Exchange Members:
Ownership Retention: XOR’s permission-based data exchange tags every piece of datum that arrives into their system with the data owner’s name and date and time stamp. Exchange Members retain ownership and control of their data at all times.
Data Security: XOR goes beyond regulatory and industry requirements to ensure data is safely stored and transmitted, beginning with either removing or encrypting all personally identifiable information. Additional security measures include a state-of-the-art intrusion-detection system, active network scanning, logging and monitoring all system events and a robust web-application firewall — all under nuclear-key lockdown.
Demand-Driven Solutions: XOR has developed a leading-edge data-exchange generator, capable of deploying new exchanges in months, not years. Taking cues from industry leaders, XOR builds innovative data solutions on demand to solve industry wide and cross-industry problems.
Cross-Industry Exchange Facilitation: XOR plays an active role in facilitating data-sharing relationships across companies and industries. Currently, XOR is facilitating these relationships across the nation’s largest business-to-consumer companies in the financial services and communications industries.
Trusted Experience: XOR’s management team collectively has more than 75 years of experience developing data-sharing relationships and analytical solutions for the financial services, communications and healthcare marketplaces. The team includes:
Mike Cook, Chief Executive Officer and Founder
Mike Cook founded XOR with more than 25 years of experience building data sharing solutions for risk, operational efficiencies and compliance. In 2002, Cook co-founded ID Analytics, building it from concept stage into a high-growth, profitable company serving more than 280 enterprise clients, including 5 million consumers.
Brian Ketelsen, Chief Information Officer and Co-founder
Brian Ketelsen comes to XOR with more than 15 years of experience specializing in analyzing, mining and aggregating Big Data. He has created a patent-pending platform for delivery of credit reports, processing millions of credit transactions per day, and has released several highly popular Open Source projects including Skynet.
Michelle Wheeler, Business Leader and Co-founder
Michelle Wheeler brings more than 25 years of experience in the communications and financial services markets to XOR with deep experience in risk and analytics. Wheeler’s career has focused on enabling start-up companies to expand their business through direct and indirect sales and marketing. Wheeler is also involved with Telecommunications Risk Management Association (TRMA) and is a board member of the Communications Fraud Control Association (CFCA).
Leland Lockhart, Ph.D., Chief Data Officer
Leland Lockhart is an experienced analytics professional, who specializes in machine learning, statistical programming, inferential statistics, psychometrics, behavioral analytics, unstructured data and Big Data technologies.
The XOR team has been busy connecting with the leaders in industries where they feel confident they can make the most impact. XOR’s business leader and co-founder, Michelle Wheeler points out, “The most enjoyable part of starting XOR has been talking with our Exchange Members and learning directly from them what types of data they would like to access and for what purposes. We are very excited to create even more value for our Exchange Members by extending into new markets when the time comes.”
To learn more about XOR Data Exchange and the data revolution, visit www.XOR.exchange.
About XOR Data Exchange
Founded in 2014 by industry experts, XOR Data Exchange is the nation’s first patent-pending permission-based data exchange, leading a data revolution by giving control back to data owners. Its permission-based data exchanges ensure transparency and accountability among data owners, while adding significant monetary value to previously under-optimized data. To learn more XOR Data Exchange, visit www.XOR.exchange.