ForwardAI Achieves SOC 2 Type II Compliance Certification

ForwardAI, a fintech providing aggregated access to accounting and business data and analysis, announces that it has successfully completed its Service Organization Control (SOC) 2 Type II certification. The SOC 2 Type II audit, completed by Sensiba San Filippo LLP, further validates ForwardAI’s commitment to upholding strict IT security protocols that protect its systems, users and accounting data from unauthorized access, and puts users minds at ease due to the layer of protection followed, minimizing incident impacts when needed.

“The SOC 2 Type II certification is the premier security standard for financial institutions. ForwardAI is proud of the commitment it’s made to protect customer data and uphold the processes put in place by the AICPA,” said Nick Chandi, CEO and co-founder of ForwardAI. “We’ve always held the highest standards to ensure that our clients are protected against threats. This achievement marks an important milestone for ForwardAI and confirms our fidelity in maintaining data security standards and privacy for fintechs that collaborate 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 prove compliance over an extended period of time.

ForwardAI serves small to medium-sized businesses (SMBs), banks, lenders, and fintech enterprises. The annual audits performed on all security protocols to remain compliant will protect the data shared across all ForwardAI platforms, including customers using Precise API and Forwardly. Adhering to the requirements of the SOC 2 Type II certification is a significant time commitment compared to the SOC 2 Type I. Where the SOC 2 Type I reviews a single point in time, the SOC 2 Type II analysis could 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. The Precise API V2 provides financial institutions, fintechs, and lenders with 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 market intelligence platform for financial services technology.