Numerated Achieves SOC 2 Compliance for Digital Lending

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Fast-Growing Fintech Provides Third-Party Validation of Data Security Standards

Numerated, the financial technology company powering the digital transformation of relationship banking, has successfully achieved SOC 2 compliance. Banking institutions evaluating digital lending technology partners now have independent, third-party validation that Numerated meets the highest data security standards.

Service Organization Control (SOC) reporting was developed by the American Institute of CPAs (AICPA) to provide a data security framework for service providers to measure against. In its most recent 2017 revision, SOC 2 examinations conducted under SSAE-18 are now fully aligned with the COSO framework. Successful completion of a SOC 2 Type II examination demonstrates that a company and its products have clear guidelines and proven strategies for managing customer data as it relates to security, privacy, availability, processing integrity, and confidentiality.

“While it is uncommon for a startup at our stage to go through the rigorous SOC 2 audit process, we felt it was critical to ensure that the banking institutions we work with have confidence in our practices around securely managing customer data,” shared Numerated’s founder and CEO, Dan O’Malley. “We are proud to have gone through the audit with no exceptions listed, and in doing so, offer a SOC 2 compliant digital lending platform to banks and credit unions.”

Top relationship banks are selecting Numerated’s real-time lending and relationship expansion platform to execute integrated “digital + people” strategies and win businesses in their markets. The platform pre-qualifies existing and prospective customers across a bank’s credit products, provides borrowers with a remarkably fast and simple application experience, and surfaces actionable data insights that help bankers expand relationships across products. Today the platform supports business term loans, business lines of credit, SBA loans, business overdraft protection, and business credit cards. The company plans to announce support for additional bank products in the coming months.

Having originally developed the platform within, and for, a large conservative mutual bank, Numerated has been committed from the onset to integrating security, oversight, and control mechanisms into every aspect of its technology and processes. Numerated's customers are regulated financial institutions under examination by the OCC, FDIC, Federal Reserve, and multiple state banking regulators. Numerated’s transparent and customizable credit decisioning automation does not require validation of opaque models as outlined by the OCC, and banks are able to easily provide regulators with an export of their decisioning criteria for each loan.

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About Numerated

Numerated powers the digital transformation of relationship banking. Numerated’s real-time lending and relationship expansion platform is purpose-built to help banks digitally transform credit, sales, and the customer experience—without leaving the power of people behind. The competitive advantage for banks delivering integrated “digital + people” strategies, Numerated partners with the nation’s top relationship banks, including Eastern Bank where its technology was originally incubated, Bremer Bank, Horizon Bank, MidFirst Bank, Seacoast Bank, People’s United Bank, and more.

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Sal Trifilio
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