A monetary doc issued by a banking establishment from which sure information 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 data, however would sometimes be allowed to hide particulars like particular fee descriptions not related to demonstrating revenue or monetary stability.
The follow gives a vital steadiness between transparency and privateness. It permits people or organizations to show monetary standing or particular transaction histories with out exposing themselves to potential fraud, id theft, or aggressive disadvantages. The adoption of this follow has grown considerably with growing information privateness issues and rules. Its historic roots could be traced to authorized and compliance necessities, the place the necessity to share monetary information for audits or investigations necessitates the safety of confidential data.
