Fast-growing fintech passes data security standards set by the AICPA
Clair, a social impact financial technology company, announced that it had successfully completed the Service Organization Control (SOC) 2 Type 1 audit. The review was conducted by Sensiba San Filippo LLP, and it confirms that Clair achieved the AICPA’s Trust Services Criteria for Security, Availability, Confidentiality, Processing Integrity, and Privacy.
“The Clair team was incredibly motivated to achieve SOC 2 quickly and successfully. Their commitment to security, compliance, and building customer trust will serve them well. We look forward to supporting them via our continuous automation technology and serve as a trusted advisor as they scale.”
With the evolving security regulations surrounding on-demand pay providers and the sensitivity of the information that these providers handle, securing a SOC 2 certification is an essential factor that ensures the trustworthiness, transparency, and compliance of providers.
“Compliance has always been a top priority for Clair, and we made strategic decisions to ensure long-term compliance. From the start, we chose to never charge fees for wage advances. This started as an integral part of our mission to unlock and redefine financial wellness for America’s workers, but it also ensures that Clair remains compliant down the line,” says Nico Simko, CEO at Clair. With the addition of the SOC 2 certification, Clair continues to cement its position as a leader in compliance and security in the on-demand pay space.
“A SOC 2 certification provides assurances that Clair is poised to effectively control the privacy, security, availability, and processing integrity of the systems that store, transfer, and archive confidential client information,” says Ron DiGiacomo, Chief Compliance Officer at Clair. Prior to joining Clair, DiGiacomo spent nearly a decade between his roles as CCO of Consumer Banking at J.P. Morgan and Deputy CCO of Consumer Banking at Wells Fargo. “At Clair, our strong focus on compliance helps ensure that we can continue to provide financial solutions for our customers in the long run.”
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Clair uses Drata, a security and compliance automation platform, to assist them in their increasing compliance. Adam Markowitz, CEO of Drata, shared, “The Clair team was incredibly motivated to achieve SOC 2 quickly and successfully. Their commitment to security, compliance, and building customer trust will serve them well. We look forward to supporting them via our continuous automation technology and serve as a trusted advisor as they scale.”
As Clair enters a period of high growth following its recent $15M Series A announcement, the company will continue handling data securely as it offers an extended suite of financial tools to America’s workers.
