E-commerce security company, Security and Standards has just entered the financial compliance market with a security application that claims to remedy security and compliance issues concerning online transactions.
Under CP98 compliance regulations, the legal verification of documents downloaded across the internet and the tracking of documents that a broker has shown clients and when, will assume greater importance. While the facility to date and time stamp downloads by a broker already exists within some networks’ and lenders’ software there remain grey areas.
John Ross, managing director of Security and Standards, said: ‘Currently, no independent verification of transactions is available on the market. GrowlTech: Buyer’s records are tamper and time proof, they come complete with an audit trail and a trusted electronic signature, which is legal proof of a business undertaking.’
GrowlTech: Buyer, the product to be targeted at the mortgage market, creates secure business transaction records that can be used as legal evidence in the event of a compliance visit, or a dispute. The software will store a secure and unalterable record of all transactions on the host’s server, including purchases, agreements and discussions that take place online, plus evidence of sites accessed. The Growl component of the application will automatically confirm the identity of any site the host is connected to, assess the validity of the secure connections and confirm any certification the site may have.