Private Client Resources (PCR) Announces Major Architecture Enhancements for Private Banks and Wealth Firms to Stay Ahead of Global Privacy Regulation

NEW YORK, April 18, 2019 /PRNewswire/ -- Private Client Resources (PCR), the leading provider of data aggregation and wealth information management services to UHNW families, private banks, multi-family offices, institutional investors and investment advisors, today announced the addition of major enhancements to the company's ground-breaking data sharing architecture.

Originally introduced 18 months ago, PCR's data aggregation platform delivers major innovations in how wealth data is gathered, stored and shared. The platform emphasizes "Privacy-By-Design" principals that ensure that the guidance of established regulations such as General Data Protection Regulation (GDPR) are met and that financial services firms are institutionalizing their management of personal data.  

The platform includes a Digital Consent application that allows advisors and clients to digitally authorize the sharing of information with PCR as their aggregator, replacing credential-based methods for most investment assets. The platform also implements pseudonymization principals which segregates the storage of personal data, investment data and linking information (account numbers) in separate data centers to make it much more difficult for any security breach to correlate this information.

The enhancements include expansion of Digital Consent coverage from 500 electronic and 12,000 manager sources spanning the breadth of all 38k SEC registered vehicles. Additionally, firms can now elect to host the Digital Consent application in their own data centers, including other countries that may require personal information to remain in that jurisdiction. Finally, a new set of APIs enable investment firms and technology providers to embed Digital Consent into their workflows, CRM systems and advisor desktops.

"Over three years ago we concluded that global GDPR-like regulation would be inevitable and made an early commitment to re-build a technology-based approach to wealth data aggregation and data sharing that fully embraced Privacy-By-Design principals," said Bob Miller, CEO of PCR. "By eliminating manual processes in a privacy-first architecture, this allows for lower costs and improved quality, while satisfying compliance issues and dramatically reducing security risks associated with people having access to sensitive information."

Additionally, the platform storage architecture has been expanded to cover sensitive documents such as the statements, capital calls and distribution notices that PCR processes. The enhancement digitally shreds all documents into multiple documents that are stored in separate data centers and databases, and can only be reassembled, via proprietary tokenization method, remaining anonymized both in storage and in transit.

About Private Client Resources (PCR)

PCR is the leading data aggregation, data privacy and data management services provider to over $350B of UHNW assets. PCR specializes in difficult to aggregate asset classes and data sources important to UHNW as well as information from custody banks and brokers. We currently serve 140+ family offices, RIAs, private & trust banks and institutional investors.

Our award winning wealth information platform aggregates statements and data feeds from over 5500 private placement funds and fund administrators, encompassing $150B in commitments, as well as marketable securities accounts from over 500 electronic sources. PCR delivers fully reconciled and normalized data, via an extensible data warehouse, and a Digital Hub with a suite of tools, APIs, and pre-packaged third party software integrations.   

For more information, visit www.pcrinsights.com 

Media Contact:

Rosalia Scampoli  
LJOPR 
212-404-2395  
[email protected] 

SOURCE Private Client Resources