-- Hong Kong – 28 February 2017 – Transact24 Limited. (“T24”), today announced that it has completed the SSAE 16 (SOC 1) Type I Audit, for its USA subsidiary, Transact24 LLC (“T24LLC”). This attestation verifies that T24LLC has the proper internal controls and processes in place to deliver high quality services to its clients.
KirkpatrickPrice, a licensed CPA and PCI QSA firm, performed the audit and appropriate testing of T24LLC’s controls that may affect its clients’ financial statements. In accordance with SSAE 16 (Statements on Standards for Attestation Engagements), the SOC 1 Type I audit report includes T24LLC’s description of controls as well as the detailed testing of its controls at a specific point in time.
“Transact24 is committed to providing efficient payment solutions and is currently pursuing various key projects and strategies internationally. Completing the SSAE 16 (SOC 1) Type I Audit for T24LLC, is part of the necessary regulatory framework required to pursue the product and geographic opportunities identified by T24,” said Philip Meyer, Managing Director of Transact24 Limited.
“Many of T24LLC’s clients rely on them to protect consumer information,” said Joseph Kirkpatrick, Managing Partner with KirkpatrickPrice. “As a result, T24LLC has implemented best practice controls demanded by their customers to address information security and compliance risks. Our third-party opinion validates these controls and the tests we perform provide assurance regarding the managed solutions provided by T24LLC.”
SOC 1 Type I is a reporting on the controls at a service organization that was established by the American Institute of Certified Public Accountants (AICPA). This report is in compliance with the SSAE 16 auditing standards which focus on the controls of a service organization that are relevant to an audit of a user entity’s financial statements. The standard demonstrates that an organization has adequate controls and processes in place. Federal regulations such as Sarbanes-Oxley, Gramm-Leach-Bliley and the Health Insurance Portability and Accountability Act (HIPAA) require corporations to audit the internal controls of their suppliers, including those that provide technology services.
About T24 (www.transact24.com)
T24 is a Hong Kong-based Payment Services Company, established in 2006, with offices and/or satellite entities in Australia, Singapore, China, Mauritius, South Africa, Austria, Gibraltar, the USA and the UK.
T24 is licensed in the following territories: T24 (Mauritius) Ltd. has a Payment Intermediary Services Licences from the Financial Services Commission Mauritius and T24 (UK) Ltd. has an Authorized Electronic Money Institution (“AEMI”) licenses from the Financial Conduct Authority of the United Kingdom.
T24's payment services products include Chinese Debit Card and Credit Card Acquiring; ACH processing; and Prepaid Card Program Management. T24 owns the IP for all its processing technologies and all its systems are PCI DSS Level 1 compliant.
T24 is part of the Net1 Group of companies. Net1 (www.Net1.com) has a primary listing on the NASDAQ and a secondary listing on the Johannesburg Stock Exchange.
About KirkpatrickPrice (www.kirkpatrickprice.com)
KirkpatrickPrice is a licensed CPA firm providing assurance services to over 550 clients in more than 48 states, Canada, Asia, and Europe. The firm has over 10 years of experience in information security and compliance assurance by performing assessments, audits, and tests that strengthen information security and internal controls. KirkpatrickPrice most commonly provides advice on SSAE 16, SOC 2, HIPAA, PCI DSS, ISO 27001, FISMA, and CFPB frameworks.
Contact Info:
Name: Philip Meyer
Email: Send Email
Organization: Transact 24
Website: https://www.transact24.com
Release ID: 174805
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