Parapet Technologies, Inc. Privacy Policy

Revised February 7, 2022

Parapet Technologies, Inc. (“Parapet”) provides products and services to condominium and cooperative communities and their shareholders.  Payments are made through Stearns Bank, NA and Parapet is not a money transmitter. We understand that by using Parapet, you place your trust in us to handle your data and personal information appropriately, including your personal information and the personal information of individuals affiliated with your community, such as your community’s employees, contractors, or shareholders.

We want to make sure that you have all the information necessary about how we process—a fancy way of collectively saying use, collect, transmit, store, share, and erase—personal information, which does not include anonymized or aggregated data, so you can make an informed decision about how you want to interact with our products and services.

We know that you may have questions about how we process your personal information, so we have laid out how we process personal information about you. We’re always open to inquiries and suggestions on how we can improve; please reach out to our Privacy Team a [email protected]

Table of Contents

1. Personal Information We Process and How We Process It
2. How We Use Personal Information
3. How We Share Personal Information
4. Where We Store Personal Information
5. Other Important Information About Your Personal Information
6. Your Choices About Your Personal Information
7. Changes to This Privacy Policy
8. Contacting Us
9. Previous Privacy Policies

1. Personal Information We Process and How We Process It

The personal information we process depends on the products you use and how you access them. We process information when you directly interact with Parapet in the following ways:

• Creating a Parapet Account
• Sending or receiving funds via ACH
• Browsing parapetapp.com
• Connecting accounts to your Parapet account
• Calling, chatting, or interacting with Parapet (such as with a Parapet chat bot or team member, or texting us information regarding a city filing)
• Interacting with us at a conference, webinar, or event

Information We Process When You Use Our Products and Services

Information needed to create a Parapet Account

If you are opening a Parapet account, we need to process a certain amount of preliminary information about you, your community, and individuals associated with your community to create a Parapet account.  When you apply for a Parapet account, we may process:

• Your name
• Your title or role within your community
• Your email
• Your phone number
• Your address
• Your password (hashed) - unique, long, and strong, please
• Information related to your community, including the company’s legal name, address, copies of your company’s corporate documents, and Employer Identification Number (EIN)
• Information about individuals who have an ownership interest in your community
• Bank account information
• Other information pertaining to your identity such as copies of a passport, driver’s license, or other national ID
• Your Tax Identification Number (TIN) or your Social Security Number (SSN)
• Personal information provided to us from third-party companies we partner with to offer services to you (see below).

Information processed when you make a transaction

Each time you make a payment using Parapet’s payment products, we receive information about your ACH transaction. We may receive this information directly from you or from our financial partners (including Productfy, Inc. and Stearns Bank, N.A.) We may process:

• Recipient name or company
• Sender name or company
• Amount sent
• Amount received
• Routing and account numbers
• Recipient bank and account name
• Account type
• Other information generated when a payment is made through the ACH Network

Information automatically processed when you visit our websites 

We process personal information automatically when you visit our website to make our services work, to prevent fraud and enhance security, to understand your preferences, and to tailor services to you for the best possible experience. We may process:

Browser and device information.

• IP address
• Mobile and other hardware or device identifiers
• Operating system
• Browser information, such as type and version
• Referring and exit pages, including landing pages and pages viewed
• Device event information, including crash reports, request and referral URLs and system activity details

Information about your use of our website or mobile app.

• Your location
• What you click on and what you type, time you spend on our websites, and other user experience information

Cookies and trackers. We also use cookies and other activity tracking tools to help our website function effectively. These tools allow us to:

• Provide you services such as those that allow you to chat with our team
• Perform website and mobile analytics
• Improve the advertisements you see
• Help prevent fraud and prevent attacks against our websites and services
• Advertise and promote Parapet products and services, and additional products and services from our partner companies

We use cookies and trackers to assign you a unique identifier so we can record:

• Websites you visit
• Length of time the advertisement was visible
• IP Address

You can block these at any time using your web browser settings, but doing so may limit browsing experience and your ability to use certain features of our services.

Information processed when you interact with Parapet teams

We may process personal information about you when you call, chat, email, or interact with members of Parapet teams, including:

• Your name
• Your email, phone number, or other contact information
• Content of your communications, including, in some cases recorded calls, and survey responses

Information processed when you join a webinar or event

We may process personal information about you when you join Parapet at an event in person or online via a webinar. We may collect this information directly or obtain it from a third-party service provider. We may process:

• Your name
• Your email or other contact information
• Registration date and time
• Webinar attendance information, when you joined a webinar, when you left, if you were paying attention, and what country you joined from

Information processed when you enter into a sweepstakes, contest, or other promotion

We may process personal information when you enter a sweepstakes, contest, or promotion to administer those programs, including:

• Your name
• Your email, phone number, or other contact information
• Other personal information required for you to participate

Information Processed from Our Business Partners and Service Providers

We process personal information we receive from financial partners, identity verification services, and other third-party service providers, and information you share with us about your use of their products and services:

• To comply with regulatory and reporting obligations
• To facilitate your use of our products or services, or other products and services
• To underwrite your account
• To conduct fraud monitoring, prevention, and detection
• To fulfill commitments to our business partners
• To fulfill requests made by you

Information necessary to comply with regulatory and legal requirements

When you open a Parapet account as a company owner or an administrator on behalf of a company or community, or you provide information of an individual with an ownership interest in a company, we process personal information we receive from identity verification services and other third-party service providers that we must keep to comply with the law, including:

• Your name
• Your phone number
• Your SSN
• Your current or previous addresses
• Your date of birth

Information processed to integrate third-party products and services with your Parapet account

When you choose to link your Parapet account with products and services provided by our business partners, we process personal information we receive from them to ensure our products and services work properly together.

To provide you with a real-time view of your community’s finances, we allow you to give us information about your community’s finances and access to your company’s bank account. We use third-party service providers to process information about your company’s bank account activity. When you link your bank account, we may process the bank account credentials and all information associated with the bank accounts associated with those credentials, including:

• Unique identifiers associated with your bank
• Account names
• Bank account type
• Transaction history and related information
• Account balances
• Bank routing and account numbers

If you do not link your bank directly, we process information you provide with copies of your bank statements and other financial information about your company.

To link your bank account with your Parapet account, a third-party service provider may use and store your bank account credentials. We do not store your bank account credentials on Parapet systems.

Information processed to conduct fraud monitoring, prevention, and detection

We process personal information from our business partners, financial service providers, credit reporting agencies, identity verification services, public sources, and other third parties to prevent fraud.

Information processed as a result of a business partnership, referral, or agreement

We enter into agreements with financial partners and other businesses that provide products and services related to ours, and as a result of these partnerships, Parapet may receive personal information related to that particular relationship or partnership. We may process information about:

• You and your relationship with the business partner
• Your email or other contact information
• Your membership or relationship status with the business partner

2. How We Use Personal Information

We process your personal information for the reasons stated specifically in this policy, but we may also process personal information about you to:

Operate our business and provide tailored services to you.

• Communicate with you about the products and services by phone, text, email, or chat
• Monitor, prevent, and detect fraud or unauthorized activity
• Secure our systems and products
• Mitigate financial loss, claims, liability, and other harm to our users, Parapet, our partners, or third parties
• Manage, operate, and improve the performance of our products and services
• Determine eligibility for Parapet products or services
• Help you make or receive a payment via ACH, wire, or check
• Provide you with tailored recommendations
• Identify, fix, and troubleshoot bugs and errors
• Facilitate reporting, analyze performance, and auditing
• Understand how you use our services so we can make enhancements or improvements
• Facilitate business relationships or comply with contractual obligations
• Comply with our regulatory, legal, and other compliance obligations
• Advertise or market services and products to you
• Compare information for accuracy and verify it with third parties
• If you elect to share information about your geolocation, we will use this information to enhance the security of our products and services and to prevent fraud

Provide you with support.

• Help identify and troubleshoot problems with your account
• Survey your opinions through surveys or questionnaires
• Communicate with you and respond to your specific requests or questions
• Manage and send you notifications, confirmations and important information about your account and our products and services

3. How We Share Personal Information

Sharing for business purposes only

Parapet may provide personal information to third parties to improve our products and services, to operate our business, and to help Parapet market to potential customers. We may share all of the categories of information listed in this Privacy Policy with other companies:

• To operate Parapet’s products and services or support general operations of Parapet’s business
• To integrate the products and services of our business partners with your Parapet account
• To use third-party cloud services to host our website and store the information we process about you
• For any other legitimate business purpose

No sale of personal information

We do not and will not sell or allow our service providers to process your personal information for their own use without your express consent, unless the processing of that information is either required by law or we determine that disclosure is reasonably necessary to enforce our rights, protect our property or operations, or enforce the rights and protect the property or operations of our business partners and customers.

Anonymous or aggregated information

We may share anonymized or aggregated information, or other data that does not directly identify you or your company, with third parties.

Service providers

We share your personal information with our service providers that operate and provide services on our behalf. These service providers need access to your personal information to perform information processing, manage or enhance our customer information, tailor services to you and your preferences, and perform other services related to our business. We work with our service providers to make sure that they do not sell the personal information that we share with them.

Advertising

We may use third parties to send advertisements on our behalf. We may only share a very limited set of personal information required to deliver our advertisements to you (such as an email address to deliver the message to you), and we do not permit these third parties to use or share your personal information to advertise unaffiliated products or services to you. These third parties may also use cookies or similar tracking tools to identify you through your browser usage. While you may disable these tools in your browser settings, you may still receive non-targeted advertisements we sent as part of a general marketing campaign.

Partnerships and referrals. We share personal information to facilitate referral partnerships. For example, if you were referred to us through an organization we may provide confirmation to that organization that your company opened a Parapet account with us, and information relating to your Parapet account activity solely for the purpose of calculating any referral fees we owe related to the referral.

Sharing authorized by you, your users, or authorized representatives

We continually enhance our products and services by integrating with products and services provided by other companies. For these integrations to work and with your explicit consent, we may need to share your personal information with them. Information we share with these companies will be used and disclosed according to that company’s privacy policy. You should review the privacy policy of any company that has access to your personal information related to the integration with your Parapet account.

Compliance and compelled disclosure

We may share personal information:

• to comply with applicable law, regulation or payment network rules
• to enforce our contractual rights or comply with contractual obligations
• to protect the rights, privacy, safety and property of Parapet, you, our customers, our business partners, or others
• to respond to requests from auditors, courts, law enforcement agencies, regulators, and other public and government authorities, which may include authorities outside your country of residence. When complying with court orders and other similar legal processes, Parapet strives for transparency. We will make reasonable efforts to notify our customers and users of any disclosure of their personal information, unless we are prohibited by law, court order, or exigent circumstances prevent us from doing so.

4. Where We Store Personal Information

We provide and direct our services only to companies incorporated in the United States and for use exclusively by their employees or authorized representatives. We may process and store personal information for the purposes described in this Privacy Policy in the United States or any other country in which Parapet, its subsidiaries, affiliates, or service providers operate. We will store this information while we continue to provide products and services to you, to operate our business, comply with contractual obligations, and for as long as required by law.

If you ask us to delete specific personal information (see “Your Choices About Your Personal Information” below), we will honor your request unless deleting the information prevents us from billing for our products and services, calculating taxes, conducting required audits, or carrying out other legitimate business functions, or we are required by law or contractual obligation to keep that information.

5. Other Important Information About Your Personal Information

Security

We use organizational, technical, and administrative measures to protect personal information; however, no data security program is entirely secure. Please contact us at [email protected] immediately if you believe that your personal information or any other confidential information that you have provided to us is no longer secure or has been lost or stolen. If we confirm that there has been a breach of personal information or confidential data related to you, we will notify you.

Use by minors

If you are under the age of 18, you may not have a Parapet account or use our products or services. We do not knowingly process any information from, or direct any of our products or services to children under the age of 18. Please do not provide us with any personal information related to children under the age of 18.

Personal information related to administrators, employees, company owners, and authorized persons or representatives

In some circumstances, we require you to provide us with personal information relating to another person (such as providing us with personal information about the owners of your business during the application process or providing us with personal information about your employees). Do not provide us with any personal information unless you have obtained consent of these persons or you are sure the disclosure of the personal information is otherwise permitted by law or contract. You must inform all other persons whose information you share with us how we process personal information and all other terms of this Privacy Policy.

Parapet account users

Our products and services are intended for use only by condominium and cooperative communities, and you may only use a Parapet account if you are shareholder or other authorized representative of a company that has opened or is in the process of opening a Parapet account. 

6. Your Choices About Your Personal Information

Electronic communications

You may choose not to receive promotional emails from us by following the unsubscribe/opt-out instructions in those emails, but we may still send you non-promotional messages relating to material or transactional information about our products and services such as updates to our platform agreement, privacy notices, security alerts, and other notices relating to your access to or use of our products and services.

Deletion or closure of a Parapet account

Closure or deletion of your company’s Parapet account will mean that you permanently lose access to the personal information and data associated with the Parapet account.  Certain personal information or de-identified information associated with your community’s Parapet account may nonetheless remain on systems owned or maintained by Parapet where required to comply with the law, our contractual obligations, or carrying out legitimate business functions.

California rights

If you are a California resident, you have certain rights over the information that we have about you. You can:

• Access a copy of any personal information we have about you
• Delete any personal information we have about you when we do not have legal or contractual obligations to keep the information or a need for the information to carry out a legitimate business function
• Correct any personal information we have about you either in your settings or by contacting us as provided below

Exercising your choices

To exercise your choices about your personal information, please contact our [email protected] We will need to verify your relationship to the Parapet account and verify your identity. Verification will require that you verify your email and phone number and provide a copy of a government issued ID to us. We may take additional steps to verify that you are authorized to make the request. We will not discriminate against you for exercising any of your rights.

Sale of personal information (“Do Not Sell My Personal Information”). We do not sell your personal information.

7. Changes to This Privacy Policy

We may make minor updates to this Privacy Policy, and we encourage you to visit this site from time to time to be aware of and review any updates. We will notify you of material changes, changes that limit any of the rights you have related to the manner in which we process your personal information under this Privacy Policy, or that we are required to disclose by law, via a prominent notice on our website, login screen, your mobile app, or via email at least 30 days prior to the changes taking effect. 

9. Contacting Us

If you have concerns, questions, or would just like to better understand our privacy practices at Parapet, please send an email to [email protected] or if you prefer to contact us by mail, please write Parapet Technologies, Inc.., Attn: Legal, 68 3^rd Street #34, Brooklyn, NY 11231.

10. Previous Privacy Policies

N/A