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, akin to account numbers, transaction particulars deemed irrelevant, or personally identifiable info (PII), earlier than the doc is shared with a 3rd celebration. 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 presents an important steadiness between transparency and privateness. It permits people or organizations to exhibit 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 rising information privateness considerations and laws. Its historic roots might 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.
