Over the past several years the FFIEC, and the agencies they manage, have increasingly required more oversight, by financial institutions, of the third party vendors they do business with. As those requirements relate to software providers, having “source code escrow agreements” in place for all missions critical applications has become the norm.
FRMS’s software escrow services are designed to simplify the compliance process for all your software solutions. We provide escrow services for large, complex core processing systems to less complex, but equally mission critical, transaction systems.
We simplified the software escrow agreement setup, recommended by the FFIEC, by working directly with your technology provider to establish a deposit account with your financial institution listed as a Beneficiary. We utilize the latest cloud technology for ease and redundancy in safe keeping source code. Finally, we provide your financial institution with a certificate for your Business Continuity Plan and Vendor Management System for all audit situations.