School Savings must meet or exceed the security requirements of the regulator of national banks--the Office of the Comproller of the Currency (OCC) and the FDIC.
Our servers are housed in a data center that meets SOC 2 Type II security requirements. This means the data center is audited to confirm it has information security policies and procedures in place to protect our data. Each year we must provide a SOC 2 "Attestation of Compliance" report to our financial institution clients.
Secure software is fundamental to banking. School Savings works hard to ensure its authentication systems, password management, data encryption and software updates utilize best practices.
It is estimated that 80 percent of security violations are caused by untrained personnel. School Savings™ trains its personnel in the latest security protocols. In addition it maintains strict limitations to software access and administration.
School Savings™ carries insurance to protect its partners and customers from any errors or omissions encountered in its data security procedures and protocols.
School Savings also complies with NACHA regulations that dictate procedures and requirements for sending data files through the Federal Reserve Bank.