New Tool Leverages AWS Blockchain Tech To Help Lenders Store And Manage Data
Staircase, the company building an integrated, digital infrastructure to accelerate tech-enabled mortgages, has launched Staircase Persistence, a fully managed, cloud-based data lake and immutable ledger that leverages AWS Blockchain technology to help lenders store and manage mortgage data. When combined with other Staircase products, Staircase Persistence allows lenders and their partners to share verified, high-confidence data while enabling faster automated workflows.
Available through a single REST API, Staircase Persistence maintains a client’s mortgage data in its native format and quickly delivers results in simple, easy-to-use structures. Staircase Persistence helps companies manage the complexity of data points used by their different partners by grouping data into sets, such as transactions, collections, blobs, and client accounts. Data stored through Staircase Persistence can later be used for machine learning-trained data extraction and other mortgage processes, as well as translating data into different languages.
Staircase Persistence also uses AWS Blockchain technology to make certain the relationships between data and the sources of that data are kept intact. Ultimately, Staircase Persistence allows mortgage lenders, servicers and their partners to work faster while maintaining high confidence in data security and integrity. The technology is also easy to utilize: Staircase clients don’t have to learn how to use Staircase Persistence—the product is available for any company that uses Staircase products—and Staircase simply stores and manages the data for its clients.
“Few industries deal with a greater volume data from different sources than the mortgage industry, but data is too often the industry’s Achilles heel,” said Soofi Safavi, Staircase cofounder and CTO. “For too long, there hasn’t been a simple way to store and access ‘big data’ in ways that make it easier to perform any of the myriad processes that occur throughout the mortgage lifecycle. With Staircase Persistence, any mortgage industry participant—whether a lender, software company or third-party service provider—can store and use data in ways that work best for them.”
Staircase Persistence follows the recent launch of Staircase Language, which enables any company in the mortgage industry to instantly translate data from any data language into another language using a single line of code. As a result, Staircase Language empowers lenders, servicers, software companies and third-party service providers to work seamlessly with each other without having to change their own data language.
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