Security and Connectivity for the Fintech Ecosystem
In today’s rapidly evolving fintech ecosystem, foundational building blocks like data security and connectivity to financial institutions are prerequisites for building valuable fintech products. However, these building blocks are rarely companies’ core competencies. Just as modern fintechs are no longer expected to build their own one-off integrations with financial institutions, they shouldn’t be expected to build data security and compliance solutions from scratch when it isn’t their focus.
With this in mind, Very Good Security is excited to announce that we’re working with Plaid to offer preferential pricing to new joint customers so they can focus on developing best-in-class fintech products and services.
Handling sensitive financial and personal data requires a secure, compliant environment, which can be a slow, difficult and expensive task for up-and-coming fintech entrants to build and manage themselves. For example, achieving PCI compliance takes an average of 10 months and costs over $1 million. The time and monetary investments compound as businesses need to adhere to additional compliances like SOC2 and CCPA.
In addition, fintech companies need secure access to high quality financial data. Plaid enables users to permission and connect their accounts to fintech apps and tools, democratizing access to developers across the longtail of the industry. Without Plaid, fintechs would need to build out connections one by one to every financial institution. Joint customers of VGS and Plaid can enable their end-users to link their bank accounts from 15,000 financial institutions, without ever needing to store sensitive data on their servers.
To illustrate a simple joint use case, customers can seamlessly alias consumers’ information so they aren’t stored on their systems. This in turn strengthens their data security posture and reduces their risk of exposure from data breaches. Customers can similarly alias access tokens, PII, or other sensitive data by leveraging VGS in tandem with their Plaid integration.
This collaboration between VGS and Plaid will make it easier to access the tools to build modern products in financial services. Financial data is a powerful tool that enables fintechs to provide personalized products and services to end users. However, with access to sensitive financial data comes great responsibility. We’re excited to partner with Plaid to streamline data access and security.
To learn more about our partnership, drop us a line at: plaid@verygoodsecurity.com
