With any software that can access sensitive financial data, it is natural for customers to want to know exactly what information is being obtained, how it is being used and what measures are taken to guarantee that the data is kept private and secure.
Here’s everything you need to know about how the bank connection works and what measures are taken to ensure your information is kept secure.
Why does Reap ask to connect to my bank account?
Reap needs to understand your business finances in order to assess and optimise your credit limit for your Reap Card.
The traditional way, and the way most banks and virtual banks in Hong Kong still currently use, is to ask you to provide various supporting documents such as recent bank statements and audited financial statements. We know first-hand how time consuming and inconvenient that is.
At Reap, we look to streamline and automate all processes, including the secure provision of supporting documents. For this goal we have partnered with Finverse, a technology company founded in Hong Kong, that acts as an intermediary link between your bank account and financial applications like Reap. The technology itself is not new and is already widely used globally across a multitude of banks and applications.
How does the bank connection work and is it safe?
When you link your bank account you are providing Finverse the permission to sign-into your bank on a one-time basis in order to access your bank account information (such as account balance and transactions). Finverse stores the financial information it retrieves using bank-level AES-256 encryption, which Reap can then access via a secure connection. Finverse later deletes your financial information to ensure it cannot be reused or shared with anyone other than Reap.
Reap is never ever able to see, store, or use your login information. Instead, your login information is communicated directly to Finverse, which immediately encrypts the login information and passes it to specialized systems dedicated to logging in to your selected bank. Your login information is decrypted by those systems only for the purpose of logging in, and then is immediately deleted from memory. Finverse never stores your login information (even encrypted) in any database.
The bank connections are designed to only retrieve financial information from your accounts. Neither Reap nor Finverse can make transactions on your account or submit instructions on your behalf in any way.
What information is viewed and how is it used?
Reap only views the financial information that you consent and authorise us to connect to. Primarily that will be a snapshot of your account balance at the time of the connection.
We use this information for the sole purpose of assessing your credit limit. Only our credit risk officers are given access to view your information, on a need-to-know basis.
In accordance with our respective privacy policies, neither Reap nor Finverse will ever sell or rent your personal information.
Okay I understand, but I still do not want to connect, what should I do?
If you’d prefer not to connect to your bank account, please select “Upload Bank Documents” and we will strive to process your application as soon as we can.