Ensuring Stability and Security How ASAPP Financial Technology Supports Credit Unions
Considering recent significant outages affecting many Canadian financial institutions, it’s clear that credit unions need robust and reliable technology solutions to maintain uninterrupted service and protect sensitive member data. At ASAPP Financial Technology, we understand these needs and are committed to providing innovative and secure solutions tailored for financial institutions.
The Incident
Over the past month, a major outage disrupted services for many credit unions. This incident highlighted the vulnerabilities in current systems and the urgent need for enhanced security and stability measures.
Why Choose the ASAPP OXP® | Omnichannel Experience Platform
At ASAPP Financial Technology, we offer a comprehensive suite of solutions designed to meet the unique needs of credit unions. Here’s how we can help prevent similar incidents and ensure seamless operations:
Security
• Advanced Security: Our platform employs state-of-the-art security protocols, including advanced encryption and multi-factor authentication. Regular updates and rigorous testing by external security professionals ensure our security measures are always up to date and evolving.
• Enterprise-Level Architecture: SOC 2 audited, Canadian resident data hosting (with Canadian resident DRP facilities) is provided via Microsoft Azure VMs and Microsoft Azure PaaS infrastructure.
• Independently Reviewed: Grant Thornton conducts annual SOC 2 Type 2 audits. Annual IT penetration testing and semi-annual DRP testing are also performed. Findings from all reports are made available through the ASAPP Support Centre to Client-Partners.
• Expert-Based Third-Party Monitoring: By combining Canadian localized NOC (Network Operations Centre) and SOC (Security Operations Centre) services from an expert team of experienced security professionals with CrowdStrike’s Falcon Endpoint Detection, ASAPP achieves robust and layered monitoring of all production systems.
Stability
• Consistent Platform Stability and Uptime: Engineered for maximum stability and uptime, our infrastructure provides consistent performance and availability, minimizing service interruptions.
• Recovery Capabilities: Global security events happen. ASAPP has experience dealing with both the Kaseya and CrowdStrike global security events with a proven Recovery Point Objective of less than 15 minutes and a proven Recovery Time Objective of less than 4 hours.
• Constant Updates: With nine years of stable operations, including multiple Roadmap Enhancement Releases and Production Updates each year, we continuously enhance our code base to improve features, functionality, and security, staying ahead of emerging threats while adapting to important business needs.
• Business Stability and Domain-Specific Knowledge: ASAPP Financial Technology has served Canadian credit unions profitably for the past 21 years, providing both best-in-class software solutions and sought-after professional services. Combined, the ASAPP Leadership Team has over 100 years of financial institution service experience.
• Business Continuity: We conduct comprehensive business continuity planning and ERM analysis, ensuring enterprise stability and continuity. Code escrow provisions are automatically incorporated into every licensing agreement. Cyber-security, E&O, and CGL insurance policies are also maintained.
Values That Matter
We’re transparent, engaging, efficient, and effective. We exceed expectations and have fun along the way while we help transform our Client-Partners’ businesses, working alongside our Strategic Partners. Trusted by over 50 Canadian credit unions, our robust platform delivers reliable performance, ensuring smooth operations even during peak times. With common and segregated hosting options, our Client-Partners can scale performance to their optimal level.
Our mission is to partner with financial institutions as they compete against direct-to-consumer fintech solutions by providing a platform that enables your credit union to Originate, Onboard, Understand & Grow Member Relationships.
Recent outages serve as a reminder of the importance of choosing a technology partner that prioritizes security, stability, and reliability. At ASAPP Financial Technology, we are dedicated to helping credit unions take proactive measures to protect their operations and provide uninterrupted service to their members, ensuring a seamless and secure banking experience.