Renewed SOC 2 Type 1 certification confirms Finexio's ongoing commitment to security best practices and standards within the B2B Payments Industry.
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ORLANDO, Fla., Oct. 06, 2022 (GLOBE NEWSWIRE) -- Finexio, the fast-growing B2B Accounts Payable (AP) Payments-as-a-Service company, is pleased to announce that it has achieved renewed SOC 2 Type 1 examination status, demonstrating a commitment and adherence to industry excellence and implementation of security controls.
The SOC 2 guidelines, created by the American Institute of Certified Public Accounts (AICPA), measure the availability, security, and integrity of a company's data processing systems and determine whether effective safeguards and controls are in place. The audit was conducted by an independently licensed CPA firm, Schellman & Company, LLC, in the scope of AP Software Service, in the category of Security Type 1. Areas of technical examination included governance, risk assessment, monitoring, logical and physical access controls, change management, and risk mitigation.
"This renewal provides unconditional and objective confirmation that Finexio delivers what the industry and our customers, some of whom are large Financial Institutions, expect from us - business services and processes with demonstrated controls over security and integrity of systems and data," says Alex Reznik, CTO of Finexio.
This SOC 2 Type 1 report serves as a valuable tool to provide evidence that customer data is managed properly and according to industry standards. Finexio applies the same level of rigor in areas of availability, processing integrity, confidentiality, and privacy.
"Finexo's culture of security and compliance is core to what we do as a business-to-business payment enabler. We are pleased to announce this renewed confirmation of our adherence to industry-standard security controls to protect our key stakeholders," says Ernest Rolfson, CEO of Finexio. "Our product and services will continuously evolve to meet changing standards, regulations, and needs of their business partners and customers in the accounts payable industry." Added Rolfson, "We continue to invest in security and compliance-related areas and Finexio is actively working towards acquiring SOC 2 Type 2 Certification in the coming months."
Finexio is the leading AP Payments-as-a-Service company focused on embedding end-to-end business-to-business payment capabilities within Procurement, AP Software Platforms, and Financial Institutions. This embedded payments as a service solution represents a powerful disruption to traditional, disjointed manual-based AP processes. Finexio's modern, efﬁcient service model, robust API, SSO capabilities, and differentiated service capabilities translate to valuable recurring revenue streams and a strong competitive position for our customers and partners.
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