9. Security & Compliance

Infosynch Software Solution prioritizes the security and compliance of Transact-M to ensure the protection of sensitive financial data and adherence to relevant regulations.

Data Encryption:

• Data at Rest Encryption:

  • All sensitive data stored within Transact-M is encrypted using industry-standard encryption algorithms.

  • This ensures that data remains protected even in the event of unauthorized access to the database.

• Data in Transit Encryption (SSL/TLS):

  • Communication between the user's browser and the Transact-M server is secured using SSL/TLS encryption.

  • This protects data from interception during transmission over the internet.

User Authentication:

• Username/Password Authentication:

  • Transact-M employs secure username and password authentication to verify user identities.

  • Password complexity requirements and lockout policies are enforced to prevent unauthorized access.

• Two-Factor Authentication (2FA) (Optional):

  • For enhanced security, Transact-M may offer optional two-factor authentication.

  • 2FA requires users to provide an additional verification code from a mobile app or SMS.

Audit Trails:

• Transaction Logs:

  • Transact-M maintains detailed transaction logs, recording all financial transactions and user actions.

  • These logs provide an audit trail for tracking and verifying transactions, ensuring accountability.

• User Activity Logs:

  • User activity logs track user logins, logouts, and actions within the system.

  • This helps identify unauthorized access attempts and monitor user behavior.

Compliance Standards:

• RBI Guidelines:

  • Transact-M is designed to comply with relevant guidelines and regulations issued by the Reserve Bank of India (RBI).

  • This includes guidelines related to data security, transaction processing, and reporting.

• Data Privacy Regulations:

  • Transact-M adheres to data privacy regulations, such as the Information Technology Act, 2000, and other relevant laws.

  • Client data is handled with utmost care and confidentiality.

• KYC/AML Compliance:

  • Transact-M includes features to support Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance.

  • This helps financial institutions prevent fraud and comply with regulatory requirements.

Local Considerations:

• Regional Data Security Practices: Implement security measures that align with regional data security practices and threat landscapes.

• Compliance with Local Laws: Ensure that Transact-M complies with all applicable local laws and regulations.

• Regular Security Audits: Conduct regular security audits to identify and address potential security vulnerabilities.

• Security Awareness Training: Provide security awareness training to staff members to promote best practices and prevent security breaches.