Snowflake Private Data Exchange, first announced at Snowflake Summit earlier this year, is a centralised, internally-managed data hub for privately sharing data sets.
It operates as marketplace where data consumers can find what their data providing peers have to offer.
This can range from in-house consumers using in-house data, through sharing data with partners or customers, to bringing in data from Snowflake's Public Data Exchange or making data available to outsiders for a fee.
The company suggests financial institutions are particularly well placed to take advantage of the Private Data Exchange to make informed business decisions.
Snowflake Private Data Exchange provides a centralised place for business analytics and data science teams to browse and access data in a secure and curated environment, while improving data integrity and security as well as shortening time-to-insights by avoiding ETL processing and its associated costs.
"The Private Data Exchange represents the future of managing and sharing data broadly and securely inside enterprise and institutional boundaries," said Snowflake CEO Frank Slootman.
"The data exchange model will become the deployment standard for exploring, discovering and sharing data enterprise-wide."