ForwardAI achieves SOC 2 Type II compliance certification
ForwardAI, a fintech that provides aggregated access to accounting and business data and analytics, announces that it has completed its Service Organization Control (SOC) 2 Type II certification. The SOC 2 Type II audit, completed by Sensiba San Filippo LLP, further confirms ForwardAI’s commitment to maintaining strict IT security protocols that protect the systems, users and accounting data from unauthorized access, and puts users’ minds at ease due to the layer of protection followed, minimizing event impacts when necessary.
“The SOC 2 Type II certification is the premier security standard for financial institutions. ForwardAI is proud of the commitment it has made to protecting customer data and maintaining the processes put in place by the AICPA,” said Nick Chandi, CEO and co-founder of ForwardAI. “We have always held the highest standards to ensure our customers are protected from threats. This achievement marks an important milestone for ForwardAI and confirms our commitment to maintaining data security standards and privacy for fintechs working with financial institutions.”
Developed by the American Institute of Certified Public Accountants (AICPA), the SOC 2 information security standard is an audit report on the examination of controls relevant to the trust services criteria categories covering security, availability and confidentiality. Certification demonstrates a company’s ability to not only implement critical security policies, but also demonstrate compliance over an extended period of time.
ForwardAI serves small and medium-sized enterprises (SMEs), banks, lenders and fintech companies. The annual audits performed by all security protocols to remain compliant will protect the data shared across all ForwardAI platforms, including customers using Precise API and Forwardly. Complying with SOC 2 Type II certification requirements is a significant time commitment compared to SOC 2 Type I. Where SOC 2 Type I considers a single point in time, SOC 2 Type II analysis can examine a time period from 3 to 12 months.
This certification follows the release of Precise API V2, an update to the company’s streamlined API solution that connects and aggregates accounting and business data. Precise API V2 gives financial institutions, fintechs and lenders access to improved financial and accounting data and a faster experience. ForwardAI’s Precise API was recently recognized as a 2023 Banking Tech Awards USA finalist in the “FinTech Start-up of the Year – Lending” category. The Banking Tech Awards USA is organized by FinTech Futures, the global financial services technology market intelligence platform.
