A monetary doc issued by a banking establishment from which sure knowledge has been obscured. This course of entails the strategic removing of delicate data, equivalent to account numbers, transaction particulars deemed irrelevant, or personally identifiable data (PII), earlier than the doc is shared with a 3rd social gathering. For instance, in a mortgage software, an applicant may submit their financial institution information, however would usually be allowed to hide particulars like particular cost descriptions not related to demonstrating revenue or monetary stability.
The follow provides a vital stability between transparency and privateness. It permits people or organizations to reveal monetary standing or particular transaction histories with out exposing themselves to potential fraud, identification theft, or aggressive disadvantages. The adoption of this follow has grown considerably with growing knowledge privateness considerations and rules. Its historic roots might be traced to authorized and compliance necessities, the place the necessity to share monetary knowledge for audits or investigations necessitates the safety of confidential data.
