A monetary doc issued by a banking establishment from which sure information has been obscured. This course of entails the strategic elimination of delicate info, corresponding to account numbers, transaction particulars deemed irrelevant, or personally identifiable info (PII), earlier than the doc is shared with a 3rd social gathering. For instance, in a mortgage utility, an applicant may submit their financial institution information, however would sometimes be allowed to hide particulars like particular fee descriptions not related to demonstrating revenue or monetary stability.
The apply gives a vital steadiness between transparency and privateness. It permits people or organizations to display monetary standing or particular transaction histories with out exposing themselves to potential fraud, id theft, or aggressive disadvantages. The adoption of this apply has grown considerably with rising information privateness issues and rules. Its historic roots will be traced to authorized and compliance necessities, the place the necessity to share monetary information for audits or investigations necessitates the safety of confidential info.
