Basis

The core offering of Basis is its advanced encryption platform, which ensures that all data at rest (data stored on a device or server) is automatically encrypted to prevent unauthorized access. The platform employs industry-standard encryption methods such as AES 256 and HMAC, which are widely recognized for their effectiveness in safeguarding data. Additionally, Basis uses HTTPS with TLS (Transport Layer Security) and certificates to secure data transmission between services, ensuring that data remains protected during transfer.

Basis's business model revolves around providing subscription-based access to its encryption platform. Financial institutions subscribe to Basis's services to integrate its encryption solutions into their existing systems. This integration is facilitated through secure APIs (Application Programming Interfaces) that use revocable tokens, allowing for seamless and secure data access. Basis's revenue is generated from these subscription fees, which are typically structured based on the scale and specific needs of the client.

The company emphasizes security and privacy, ensuring that client data is never shared or sold to third parties. Clients have full control over their data, with the ability to remove it at any point. Basis also guarantees that it does not store any banking information, further reinforcing its commitment to data security.

In summary, Basis is a fintech startup that provides automated data encryption solutions to financial institutions, ensuring the highest levels of data security and privacy. The company operates on a subscription-based model, offering its services through secure APIs.