‘Consent is King’ is a line which stuck with us from Stuart from Trunomi’s presentation on November 25 at our Pay360Innovation conference. Trunomi have recognised there is an unbelievable amount of data being collected and we are growing increasingly aware of the value of that data. Trunomi’s solution is to empower data-rich companies to deploy solutions to end-users that curate their personal Data Store. They provide end-users with a platform with Digital Rights Management to share that data with informed consent and link PDS to vendor networks with real-time payments. This results in increased customer loyalty and end users monetise their own data all within a regulated and moral Data Privacy frame. Trunomi are bringing the change in monetizing data.
What do you think you’ve gotten out of winning our ‘game-changer’ 2016 award?
We believe in the value of being established as a thought leader in this domain and winning this award was further validation of that. We have unparalleled technologies which are specifically suited for evolving the world of payments as it relates to utility of identifiable data – which we consider to be the ‘last mile’.
How do you think the feedback from the panel will influence you in the future?
The panel of Payments Association 360 was comprised of really strong industry veterans and we were particularly encouraged by the comments from Howard Elsey of Visa Europe on his perception of our platform as a real game changer and a cornerstone for a new industry approach.
Do you have any tips for start-ups in how to present their own company?
We have a number of defining mantras at Trunomi one of which is: ‘watch one, do one, teach one’. It means that we have an incredibly fast pace, where members of the team are constantly evolving and rapidly learning, doing and then mentoring. Be Bold, Go Big. Look for 10X improvements, not minor enhancements. Present your key USP and differentiators. Focus on quality of Team, Size of Addressable Market and clear route to revenue.
What makes your company truly innovative?
We think of ourselves as the ultimate flip – the inversion of the cloud model which, for so long, has dominated the industry – a one which we consider to be full of flaws. Including, jurisdictional data privacy risks, security risks, centralization risks and inefficiencies. It’s also a very ‘big brother’ solution – where you still have to go through a gate keeper to access or have utility of your data. We are a customer first approach; our technology empowers the individual to be in control of their data. We are fully decentralized, meaning we have no cloud or centralized registry or data at rest risk. We don’t duplicate copies of ID sets, and as a result it’s completely differentiated from any other offering on the market.
Monetising data became a hot topic of the day, do you think this is where we could be making significant advances in payments?
Absolutely. This is just the tip of the iceberg of the self-monetization of data. We’ve been monetizing data for a long time – it’s just been the third party model. The first party, consent enabled monetization is on its way!
What’s next for Trunomi in 2016?
The convergence we’ve been seeing for a long time – regulatory changes, governmental legislation, technological innovation and consumer awareness – is set to come to a head with the arrival of the landmark EU General Data Protection Regulation as well as significant consumer awareness in the utility of data. The only logical and technologically sound solution is to ensure we have an informed, consenting consumer with digital rights management over their personal data. Trunomi, as the market leader in this solution, stands poised to make significant inroads in 2016.
Apart from winning our ‘game-changer’ award what was your favourite aspect of Pay360Innovate?
Not only was the event professionally run with a number of participating companies but I feel the diversity of the attendees was very impressive. From media to participants to industry segments to start ups and thought leaders, our favourite aspect is always the connections we make!
As a space for Innovation how far do you feel Pay360 supported innovators?
The location was excellent and the way in which the entire conference was structured was very conducive to education and innovation – a really great event! Some improvements can be made as the event continues to mature – including the actual ability to live demo or have direct participation of audience via technology – this would follow the recent shift to not just talking about tech but showing tech at conferences around the world.