What is an SOC 2 Report?
SOC or ‘Service Organization Control’ reports detail the security behind sensitive transactions, produced by the information holder to demonstrate their ability to keep data safe. People want to be able to trust their data holders with confidential information, and a cleanly audited SOC 2 report means companies and individuals can depend on their provider. Summarized by ssae16.org, SOC 2 reports are “designed for the growing number of technology and cloud computing entities that are becoming very common in the world of service organizations”.
There are five criteria of trust that comprise an SOC 2 report: Security, Availability, Processing Integrity, Confidentiality and Privacy.
SOC 1 covers the financial transactions a company makes, SOC 2 reports on the security behind those financial transactions and once in place a qualified and experienced Auditor signs off on the report and an SOC 3 is made available, which is a high level overview, keeping the processes disclosed in SOC 2 private.
Protecting your data is our mission. We’ve partnered with Plaid who work with 9600 banks including Wells Fargo, Citi, and Chase. Plaid complies with SOC 2 regulations, and regularly subject themselves to independent security tests. Plaid is known for its strong partnerships, best-in-class technological infrastructure, and commitment to making financial services simpler and more secure.
‘Am I Paid?’ does not store any sensitive data about your bank accounts, or transactions. We utilize Plaid to create masked account numbers – the dates, descriptions, and amounts are listed for your own records without exposing any other account details.
In summary, via SOC 2, using ‘Am I Paid?’, you can be sure that your data is safe and has been audited to prove that.