September 17, 2021 | Louise Basse
This is the third and final segment of the Why Aiia series in which we explain how we’ve built an open banking platform that simply works thanks to our three building principles:
In this last part of our series, we explain how our relentless focus on being secure and compliant helps businesses, banks and financial institutions build open banking solutions without worry.
Strongly related to our privacy by design model, our secure and compliant principle is a testament to the effort we’ve put into analysing and interpreting regulation in different markets. To elaborate on that, our Co-founder, Gudmundur Hreidarsson, explains:
“If you’ve build a system in which it’s impossible to screw things up, it’s really easy to be compliant and secure. But being compliant is also about being compliant with regulation, knowing the rules in each market and making sure that we’re playing by those rules,” he says.
There’s no doubt that our focus on being secure and compliant has had a huge impact on our relationship with financial institutions due to the strict regulations they’re applying to. Our CEO, Rune Mai, explains:
“When we talk to banks and financial institutions, their security and compliance teams may have been hesitant to outsource services like the one we’re offering because they’re afraid our platform does something that doesn’t comply with all the rules they need to follow. But thanks to our relentless focus on security and compliance, it’s very easy for banks to use our setup,” he says.
On top of that, Rune points out that our open banking platform has been built with a ‘hacker’ mindset to eliminate the risk of outsiders hacking our technology:
“We’re very well geared security-wise because of our extremely talented employees who enable us to think with a hacker mindset. Our developers must be allowed to try and destroy what we've built because then no outsiders will be allowed to do so. It’s incredibly reassuring that we’ve built a platform that works that way,” he explains.