Fintech Software Audit (VAPT): The Complete Checklist

In fintech, trust, compliance, and performance are critical. If you are building a payment platform or a banking solution, a detailed technology audit is essential. It ensures your product is reliable, secure, and compliant.

This article explains why fintech audits matter and what they include.

What Is a Technology Audit in Fintech?

A fintech software audit is a structured review of your financial software. It covers systems, third-party integrations, data security, and compliance. It helps ensure that your tools like Plaid, Stripe, or banking APIs work as expected and follow regulations.

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Technology audits are often part of larger auditing and assurance services frameworks. These frameworks are recommended by firms like Deloitte and EY.

Audit Type	What It Covers
Fintech Audit	Full review of product architecture, tech stack, performance, and risks.
Stripe Audit	Examines payment flows, webhook handling, and settlement accuracy.
Plaid Audit	Checks token security, API usage, and account aggregation flows.
Technology Audit	Validates tech architecture, dev practices, and infrastructure.
System Audit	Reviews system workflows, automation, and data flow integrity.
Information Systems Audit	Focus on internal controls, access, and IT policies.
Security Audit	Includes penetration testing, encryption review, and API security.
Banking Integration Audit	Checks banking APIs like UPI, SEPA, ACH, and their error handling.
Payment Integration Audit	Evaluates gateway setup (e.g. Razorpay, Cashfree) for accuracy and speed.
Technical Audit	In-depth source code, deployment flow, and infra review.

A fintech integration audit confirms that these services work smoothly. It also checks if your product is handling errors, webhooks, and fallbacks correctly.

For example, a Plaid audit may show that token handling is outdated. A Stripe audit may find webhook failures that delay balance updates.

What does a fintech audit cover?

Security is a top priority for financial products. Regulations like PCI DSS, SOC 2, and ISO 27001 require specific safeguards.

A proper Information System Audit checks:

• How data is stored and encrypted

• If access to systems is restricted by role

• Whether your cloud environment is misconfigured

• If API endpoints are protected

• If logs are stored, monitored, and audited

Learn more from the ISACA Information Systems Audit Standards.

Real-Life Example: Banking Application Audit

A neobank recently went through a system audit. The audit found:

• Bank APIs were returning detailed error messages, risking data leakage

• Failed payment logs were missing critical metadata

• Stripe webhook acknowledgements were delayed by several seconds

These issues were fixed. The product team updated their error handling and improved logging. They also followed better webhook monitoring practices. The audit made the platform more reliable and audit-ready.

Our Approach to Technology Auditing at FintegrationFS

We specialize in technology audit services for fintech products. Our process includes:

• Reviewing cloud and backend setups

• Auditing Stripe, Plaid, and other payment integrations

• Testing API contracts and fallback flows

• Evaluating performance bottlenecks

• Validating architecture choices

We work closely with your product team. Our goal is to align tech audits with your business goals.

When Should You Schedule a Technology Audit?

Audits are useful in many stages:

• Before launch: to ensure all systems and payments are working properly

• After adding integrations: to validate third-party services

• Before regulatory checks: like RBI sandbox evaluation or FCA approval

• Annually: as part of an InfoSec review or compliance strategy

Fintech moves fast. A missed webhook or insecure API can result in lost revenue or regulatory fines. A well-timed audit is not just a safety measure—it is a strategic move.

If you want to reduce risks and improve your product’s resilience, consider a full-stack audit today.

VAPT: Vulnerability Assessment and Penetration Testing

VAPT is a critical part of any technical audit or system security audit. It helps identify weak points in your platform before hackers do.

• Vulnerability Assessment (VA): Scans your systems for known vulnerabilities.

• Penetration Testing (PT): Simulates real-world cyber attacks to test defences.

VAPT includes:

• OWASP Top 10 Testing (e.g., XSS, SQL Injection)

• Port scanning and firewall bypass testing

• Network layer and application layer assessments

• Reporting with risk severity and remediation steps

Tools like Burp Suite, Nessus, and Metasploit are often used.

Running VAPT quarterly or after major changes is a best practice.

Fractional Security Offering: vCISO and vSecOps

Not every fintech startup has an in-house security team. That is why Fractional Security or Virtual CISO (vCISO) services are rising.

With this model, you get expert security help without hiring full-time. These services typically include:

• Ongoing risk assessments

• Incident response planning

• Security policies and training

• Compliance readiness (RBI, SEBI, GDPR)

• Cloud security architecture review

• DevSecOps integration into CI/CD

This model helps startups and growth-stage companies maintain enterprise-grade security. Providers like CISO Platform or vCISO Services offer tailored plans.

You can also opt for a Fractional SecOps Pod, where a small external team monitors your logs, alerts, and performs security testing continuously.

VAPT Scope & Tools

Vulnerability Assessment and Penetration Testing (VAPT) is a two-pronged security review. The assessment identifies known vulnerabilities across applications and infrastructure. The penetration test simulates a real-world attack.

Scope

• External systems: Public APIs, website, cloud endpoints

• Internal systems: Databases, microservices, admin panels

• Mobile apps: iOS and Android (if applicable)

• 3rd-party integrations: Stripe, Plaid, Onfido, etc.

• Authentication layers: OAuth, OTP, SSO, 2FA

Tools

Tool	Usage
OWASP ZAP	Web app scanning
Burp Suite	Manual security testing
Nessus	Network vulnerability scanner
Metasploit	Exploitation framework
Nmap	Port and service discovery
MobSF	Mobile app static and dynamic analysis

SOC 2 / ISO 27001 Tie-In

Fintech Software Audits and VAPT are often part of larger compliance efforts.

SOC 2 Alignment

SOC 2 focuses on 5 Trust Principles:

• Security

• Availability

• Processing integrity

• Confidentiality

• Privacy

A technology audit helps prepare for the SOC 2 Type I & Type II reports by:

• Validating access control

• Logging configurations

• Encryption-at-rest & in-transit

• Business continuity checks

🔗 Learn more: SOC 2 Guide

ISO/IEC 27001 Alignment

ISO 27001 requires an Information Security Management System (ISMS). A VAPT or audit supports:

• A.12: Operations security

• A.14: System acquisition, development, and maintenance

• A.18: Compliance review and internal audit

Common Findings

Across hundreds of audits and VAPT projects in fintech, here are common issues:

Category	Issue Example
API Security	Unsecured token storage, missing rate limits
Cloud Misconfig	Publicly accessible S3 buckets, open ports
Payment Flows	Unverified webhook responses, double charge risk
KYC Flows	Insecure file upload, exposed PII
Access Controls	No RBAC, admin privileges loosely assigned
Logging & Monitoring	No audit trails, alerting disabled

Many of these are fixable if caught early via pre-launch audit cycles.

Remediation Timeline & Cost

Fixing security or architectural flaws requires prioritization.

Typical Timeline

Severity	Fix Time (Est.)
Critical (e.g., SQL Injection)	1–3 days
High (e.g., Broken Auth)	3–5 days
Medium (e.g., API errors unmasked)	5–10 days
Low (e.g., Incomplete logs)	1–2 weeks

Cost Buckets

Remediation Type	Cost Range (USD)
VAPT + audit retest	$500–$3000
Dev effort to fix issues	Varies ($1000–$10,000)
Compliance consultant	$1000–$5000/month
Fractional SecOps	$1500–$4000/month

Mitigation plans should be documented for internal InfoSec and shared with regulators or investors when needed.

RFP Checklist for Tech Audit or VAPT Services

When issuing an RFP for technology audit, make sure to include:

✅ Scope of Work

• Stripe, Plaid, and banking integrations

• Backend and cloud infrastructure

• VAPT (external + internal)

✅ Compliance Mapping

• SOC 2 or ISO 27001 preparation

• PCI DSS readiness

✅ Deliverables

• Risk report with severity levels

• Proof of concept (PoC) for high-risk issues

• Retest report after fixes

✅ Timelines

• Discovery → Testing → Reporting → Retest (4–6 weeks typical)

✅ Vendor Criteria

• Industry experience (fintech preferred)

• Certifications (CEH, OSCP, ISO Lead Auditor)

• Onshore vs offshore team

• NDA and data handling standards

A structured technology audit, combined with VAPT, is essential for any serious fintech product. Whether you're launching a new product or preparing for SOC 2, this process helps you build trust and reduce risk.

FAQs

What is a fintech technology audit?

A fintech technology audit is a structured review of your financial product’s architecture, integrations, security, and compliance to ensure it meets industry standards and works reliably.

Why are security and privacy audits important for financial products?

They help prevent data breaches, detect vulnerabilities, ensure compliance with regulations, and maintain customer trust in your platform.

What types of audits are common in fintech?

Popular audits include fintech audits, Stripe audits, Plaid audits, security audits, banking integration audits, and VAPT (Vulnerability Assessment & Penetration Testing).

How often should fintech companies run audits?

At least once a year, and also before launching new products, after adding integrations, or before regulatory evaluations.

What is VAPT, and why is it important?

VAPT combines vulnerability scanning and simulated cyberattacks to identify weaknesses before hackers can exploit them, making it a core part of fintech security.

Can a fintech audit detect API and integration issues?

Yes audits can uncover outdated token handling, webhook delays, and insecure API endpoints that affect security and performance.

When is the best time to schedule a fintech audit?

Before launch, after major updates, before compliance checks, or annually as part of your InfoSec strategy.