Our commitment to data security
At Fintify, the security and privacy of your data is our highest priority.
- Our multi-level security protocol ensures that your account information is safe and confidential. We are an FCA approved Account Information Service provoder. That means we are fully compliant with the some of the most stringent security guidelines around.
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Bank-grade security guaranteed:
Our trusted aggregation partner is an FFIEC supervised Technology Service provider. All sensitive customer data is encrypted using AES-256 ciphers in storage and TLS 256 bit encryption in transit.
- Read-only access: All your financial information is aggregated in read-only mode, which means no transactions are possible on your accounts.
- Strict Internal controls: No one at Fintify has access to your credentials or your confidential financial information
- Multi-factor Authentication: Access to the app is controlled though a user app PIN or Touch ID
- Data Retention: No data is retained on our servers after an account is removed from the application
Whose data is it anyways ?
- Open Banking is a UK Banking directive that puts the ownership of your financial data right where it should be. In your own hands.It is based on the PSD2 guidelines implemented across Europe.
- Under the Open Banking directive, banking and eventually other financial data will be shared through secure open APIs so that customers, be it individuals or businesses, can more effectively manage their finances. Open APIs would allow third party developers to create helpful services and tools that customers can utilize.
- The introduction of API based feeds from their banking service provider would give both customers and businesses the freedom to access all bank data in real-time, ultimately giving them more accurate and up to date information on finances. With this initiative, customers will be able to monitor, compare and save on their accounts and have access to more personalized products and services for making sound overall financial decisions.
- In short Open Banking is a simple idea whose time has come.
Financial markets need to be honest, fair and effective so that consumers get a fair deal.
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The Financial Conduct Authority is the conduct regulator for 59,000 financial services firms and financial markets in the UK and the prudential regulator for over 18,000 of those firms. The strategic objective of the FCA is to:
- protect consumers – secure an appropriate degree of protection for consumers
- protect financial markets – protect and enhance the integrity of the UK financial system
- promote competition – promote effective competition in the interests of consumers
- Fintify (Qbroot Financial Solutions Pvt Ltd) is licenced by the FCA as a Registered Account Information Service Provider (RAISP) under the Open Banking directive. Under PSD2 / Open Banking a RAISP is an online service which provides consolidated information on payment accounts held by a payment service user with payment service providers such as your banks and other financial institutions.
General Data Protection Regulation Take Full control of your data.
- GDPR is a regulation in EU law on data protection and privacy in the European Union and the European Economic Area.Though it was drafted and passed by the European Union (EU), it imposes obligations onto organizations anywhere, so long as they target or collect data related to people in the EU.
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The guiding principles of GDPR are that personal data shall be:
- processed lawfully, fairly and in a transparent manner in relation to the data subject
- collected for specified, explicit and legitimate purposes and not further processed in a manner that is incompatible with those purposes
- accurate and, where necessary, kept up to date
- kept in a form which permits identification of data subjects for no longer than is necessary for the purposes for which the personal data are processed
- processed in a manner that ensures appropriate security of the personal data to safeguard the rights and freedoms of the data subject
- This means that your data is accessed, stored, used, shared, archived and deleted with your expicit consent and while being fully transparent.
- Fintify is registered with the Information Commissioners office and is in full compliance with GDPR. This means that even though it means we will seek your consent more often, you are in full control and aware of what data you are sharing, with whom and can always delete it completely from Fintify.
We fully respect your need for data privacy
- At Fintify, we pay special attention to making your data sharing experience fully transparent, compliant, secure and consent oriented.
- Your data is stored securely on servers in the UK as per GDPR regulations and for cross border data we comply with local regulatory guidelines for data storage. To read how our detailed privacy policy protects your interest please click here. Simply put, we pledge to never share your data with anyone without first seeking your explicit consent. Never Ever.
