Quidkey Achieves SOC 2 Type II Compliance, Strengthening Security for Global Payments

December 12, 2025
5 min read
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December 12, 2025 — Bnqz Inc. (Quidkey), a leading provider of API-driven global payments infrastructure, proudly announces the successful completion of its SOC 2® Type II audit by Sensiba LLP, a leading CPA firm specializing in compliance assessments.

This milestone confirms Quidkey’s adherence to the American Institute of Certified Public Accountants (AICPA)’s rigorous standards for security, availability, and confidentiality, reinforcing the strength and reliability of Quidkey’s control environment for sensitive financial data.

The SOC 2 Type II report evaluates not just the design of internal controls and systems, but also their operating effectiveness over a specified review period. It is a widely recognized benchmark for data protection, especially for technology and cloud-based service providers. Quidkey’s SOC 2 Type II report had no exceptions and was therefore issued with a “clean” audit opinion from Sensiba.

Quidkey's infrastructure underwent deep scrutiny of processes, systems, and practices, proving robust protection for customer data in a high-stakes payments landscape.

“Security and trust are foundational to our relationship with customers,” said Rabea Bader, CTO of Quidkey. “Successfully completing this audit underscores our commitment to protecting sensitive data and operating with the highest standards of security and transparency.”

Key Audit Highlights

The comprehensive review validated critical controls, including:

  • Secure data storage and encrypted transmission
  • Advanced access controls and multi-factor authentication
  • Real-time system monitoring with swift incident response
  • Proactive vendor risk management
  • Resilient business continuity and disaster recovery plans

These strengths position Quidkey as a trusted partner for enterprises and developers who prioritize data integrity and regulatory readiness.

For Partners

Enterprises seeking the full SOC 2 Type II report can request secure access via legal@quidkey.com.

About Quidkey

Quidkey acts as business-facing clearing abstraction layer, enabling borderless payment solutions that drive personalisation, boost conversion, enhance security, and build on existing customer-bank trust. We simplify today’s fragmented payment mix (cards/wallets), enable tomorrow’s open banking corridors, and prepare for the future of tokenised money.

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Frequently Asked Questions

Which UK banks support open banking?

All major UK banks are required by law to support open banking. This includes the CMA9, a group made up of Barclays, HSBC, Lloyds, NatWest, Santander, Nationwide, Bank of Ireland, Danske Bank, and AIB. Many other banks and building societies have also implemented open banking APIs, making it available to the vast majority of UK consumers and businesses.

Is open banking safe in the UK?

Yes, open banking in the UK is regulated and secure. Only authorised third parties regulated by the Financial Conduct Authority (FCA) can access open banking data or initiate payments. Customers must give explicit consent, and every transaction uses Strong Customer Authentication (SCA), typically via biometric login or two-factor authentication. Data is encrypted and protected under strict GDPR and FCA standards.

What are the open banking transaction limits in the UK?

Transaction limits for open banking payments depend on the customer’s bank and the type of account. Most personal accounts allow payments up to £10,000 per transaction, with some banks supporting higher limits. Business accounts can often process significantly larger payments. However, some banks may impose daily or per-session caps to protect against fraud. These limits are gradually increasing as adoption grows and infrastructure matures.

What are the benefits of open banking for ecommerce in the UK?

Open banking offers ecommerce businesses faster, cheaper, and safer payments. It reduces transaction costs by cutting out card networks and other intermediaries. Payments typically settle instantly via Faster Payments, improving float and cash flow. Because transactions are initiated and authenticated through the customer’s bank, there is no card data to steal, and chargebacks are eliminated. This leads to lower fraud risk and fewer abandoned carts, especially on mobile. With a well-implemented pay-by-bank flow like Quidkey’s, merchants also see improved conversion and greater control over the checkout experience.

Does open banking provide payment protections?

Irrespective of the payment method, most merchants offer refunds or buyer protections via their respective terms and conditions and the same applies to open banking payments. Fraudulent card usage, CNP (card not present) or friendly fraud is not applicable to open banking as account-to-account transfers are directly authenticated via the customer’s bank app and require SCA (strong customer authentication). Further, generally applicable consumer protection laws like the Consumer Rights Act 2015 offer strong statutory rights and protect consumers beyond payments issues, providing consumers with return rights, product safety, delivery guarantees, and the ability to cancel, complain and get refunds. Additionally, platforms like Amazon, ebay, Shopify provide commercial protections beyond those required by law, such as 30-day return policies, ‘A-to-Z’ guarantee, and money back guarantees for non-delivery.