IDfy launches India's first privacy and compliance suite - Privy

Designed to help companies achieve complete compliance as per DPDPA

MUMBAI, India, July 24, 2024 /PRNewswire/ -- The Digital Personal Data Protection Act was passed in 2023, in a bid to protect Indian citizens from misuse of their personal data. In light of DPDPA, operating without privacy governance controls is not just a reputational and commercial risk but also a snub to the rights of digital customers and end-users.

With the exact rules expected to come out any time soon, organizations must have their systems and processes ready to manage users' consent the right way.

To help companies get DPDP-ready, IDfy, Asia's leading Integrated Identity platform, has launched a suite of privacy and compliance solutions - Privy, designed to assist organizations across industries in achieving full compliance with the DPDP Act.

Privy addresses the critical need for businesses to manage and govern consent effectively under the regulations of the DPDP Act. With Privy, companies can streamline the process of collecting, managing, and auditing user consents across various touchpoints, ensuring adherence to regulatory requirements and bolstering customer trust.

Ashok Hariharan, CEO and Co-Founder of IDfy said, "The landmark DPDP Act has given the power back to the citizens of the country. The fiduciaries have to now be careful about how they get customer consent and use their customers' data.  We are excited to launch Privy, our governance platform, which helps fiduciaries make sure they are abiding by the law and empowers Data Protection Officers to be fully compliant with the guidelines."

The consumer-focused DPDP Act states various norms that companies need to adopt in order to make their platform securely manages users' personal data. This includes a multitude of aspects such as taking consent in 22 languages, taking verifiable parental consent for users below the age of 18 and intersections with existing sectoral regulations.

Unfortunately, current tools for GDPR and CCPA compliance do not adequately address these India-specific requirements.

Privy bridges these significant gaps in the realm of consent governance and management and addresses these key issues. Any platform that takes users' personal data can be integrated with Privy to get compliant with the DPDP Act.

Supratim Chakraborty, Partner at Khaitan & Co, who has played an important role in shaping the privacy landscape in India, says "The launch of a platform like this is an important landmark for Data Privacy in India. Apart from covering critical aspects relating to data privacy, I understand that the platform is a completely home-grown product, made by India, for the world. With the rules under the DPDPA to be announced soon, we're excited to witness a radical change in India that empowers users with their own data in its truest sense."

Privy Link: https://www.privyone.com/

About the Company:

IDfy is an Integrated Identity Platform offering products and solutions for KYC, KYB, Background Verifications, Risk Mitigation, Digital Onboarding and Digital Privacy. We establish trust while delivering a frictionless experience for you, your employees, customers and partners.

Only IDfy combines enterprise-grade technology with business understanding and has the widest breadth of offerings in the industry.

With more than 12+ years of experience and 2 million verifications per day, we are pioneers in this industry.