Openfloat Security Features: Safeguarding Sensitive Financial Data

Openfloat Security Features: Safeguarding Sensitive Financial Data

On 10 October 2023

Openfloat solution digitizes petty cash, payroll and corporate bills payments. You can disburse funds, pay bills, buy airtime in bulk all in one place. We have implemented all the necessary security features to ensure the safety and privacy of your information on our web and mobile app platforms. Here’s a look at the features actively protecting your business:


  • Secure socket layer encryption 

A key component of our commitment to security is the implementation of Secure Socket Layer (SSL) technology for our web platform. Did you know that 85% of internet users reported that they would stop using a website if it wasn’t secure? This is according to a survey conducted by SSL statistics.   

Encryption safeguards the data that flows between your browser and the server protecting sensitive information such as personal and financial data.  

  • Password protection 

In addition to SSL encryption, signing up prompts you to create a personalized protective password. A strong password provides essential protection from financial fraud and theft. Openfloat gives one single, user-friendly platform to manage your expenses and disbursements. It is a requirement for users to create passwords to prevent unauthorized access  

  • One-time passwords (OTPs) 

We have also introduced One-Time Passwords (OTPs) as a second layer of security to prevent unauthorized access to the platform. After successfully logging in, users receive a unique code on their registered phone number or email address. These OTPs are valid for a single use, making it exceedingly challenging for unauthorized individuals to gain access to your account.  

  • User access and multi-approver option 

In a scenario where a group of people work together in different teams, the platform lets you set up accounts for these team members. Here comes the best part: you can decide the level of access each person gets. Only the selected individuals can kickstart and give thumbs-up to important actions like fund disbursements and transfers. This way, we prevent incidences of fraud or sneaky entries  

Moreover, the multi-approver feature mandates that multiple authorized individuals must approve a transaction before funds are disbursed. This process significantly reduces the likelihood of fraud and ensures that all transactions are legitimate and secure. 

You can now make individual and bulk disbursements to groups, while also being able to edit the amounts for each account simultaneously without compromising on security. 

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