Alchemy FinTech Lending operating system continues to invest in compliance and security. Most recently the platform and our staff received HIPAA compliance training and have completed all of the remediation items.
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) was enacted by the 104th United States Congress and signed by President Bill Clinton in 1996. It was created primarily to modernized the flow of healthcare information, stipulate how Personally Identifiable Information maintained by the healthcare and healthcare insurance industries should be protected from fraud and theft, and address limitations on healthcare insurance coverage.
Consumer Data Privacy
“Consumer data privacy and security is important to us and to our clients. As we invest more in data security, data protection, and our processes and procedures, we will continue to demonstrate our commitment to our clients and their end clients that their data is protected, segregated to the highest standard possible.” – Timothy Li – Founder, Alchemy Technology Inc.
Alchemy dedicated resources and personnel to conduct the HIPAA training for the past four months and we finally received a positive outcome with our HIPAA certification. Every employee, manager, and executives at Alchemy completed their personal training and affirmed that they understood the importance of protecting our client and their customer’s financial, medical and other personally identifiable information (PII).
Compliance Driven Culture
We continue to invest in the area of compliance. Alchemy is undertaking another milestone by completing SSAE18 SOC1/2 audits in the next two quarters.
As we expand into building products for Banks, Mortgage Banks, Community Banks, and Credit Unions, the level of compliance and security rigor required will be paramount. We are investing and dedicating resources in these areas as one of our top priorities in the next two quarters.
SSAE 18 or Statement on Standards for Attestation Engagements no. 18 is an auditing standard for service organizations, superseding Statement on Auditing Standards no. 70 (SAS 70). The “service auditor’s examination” of SAS 70 is replaced by a System and Organization Controls (SOC) report. SSAE 18 went into effect on May 1, 2017.
Alchemy Technology is developing SaaS platforms for banks, lenders and financial services companies, the SOC 2 audit is utmost important in our effort. It is an audit report to provide assurance on various aspects of the software including security, availability, and processing integrity.
Alchemy will name an auditing firm to help us with pre-audit checklists, gap analysis and the eventual audit itself. We hope to complete these items in the next two quarters and ultimately receive positive auditing results. our Compliance Officer, Chief Technology Officer is spearheading this effort.
A History of Innovation
We are constantly evaluating the best set of tools to integrate with Alchemy FinTech Lending Operating System. Whether it is third party databases or other algorithmic-based companies, we constantly looking in ways to help our clients to solve the most difficult issues at hand.
If you are interested in building new and innovative solutions with us, please send me an email or email firstname.lastname@example.org. We would love to speak with you.
Our singular vision is to enable the next generation of FinTech evolution with domain knowledge, technology, artificial neural network algorithm, and compliance-driven serving call center to deliver the best product experience for our clients, their partners and ultimately consumers.
About Alchemy Technology, Inc.
Alchemy Technology Inc. is industry-first lending as a service company offering our of the box technology, algorithms and servicing to launch FinTech products for FinTech startups, specialty financing companies and Banks alike. Our vertical workflow specializes in Student Lending and Home Improvement spaces. Our technology offering includes website / mobile app, loan origination system, decision engine, loan management system, payment gateways, and secondary market access.
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