Verification software provider completes rigorous audit reinforcing commitment to security
VeriFast, the AI-powered Verification-as-a-Service platform that automates financial analysis and decision making for tenant screening, mortgage pre-approvals, underwriting and business lending, today announced that it has achieved its System and Organization Controls (SOC) 2 Type 1 compliance in accordance with American Institute of Certified Public Accountants (AICPA).
SOC 2 is a technical auditing process in which the security of an organization’s data processing systems is measured, and effective safeguards and controls are confirmed by independent auditors. Independent compliance inspections are crucial for organizations operating in highly regulated industries that deal with sensitive, personal data, such as financial services.
Given the ever-evolving cyber security threats, VeriFast pursued SOC 2 Type 1 compliance to assure security and compliance for its mortgage lending, property management, gaming and legal community customers. Achieving SOC 2 Type 1 certification verifies the existence of internal controls and technical security standards by a trusted third party which validates Verifast’s commitment to the highest levels of availability, confidentiality and security of data on behalf of customers and partners.
“Security and compliance are table stakes in today’s financial services ecosystem,” said Rob Strickland, Chief Revenue Officer of VeriFast. “At VeriFast, we are proud to obtain our SOC 2 Type 1 certification, demonstrating our commitment to continual investment in securing our customers’ confidential and private data.”
With the growing reliance on digital, open financial systems, data security is a common concern. VeriFast’s customers can feel confident knowing their data is fully encrypted and safe as the platform leverages multiple layers of security throughout end-to-end data verification processes.
VeriFast provides a single-source configurable API platform that allows companies to immediately validate customers’ ability to pay and legal status while eliminating growing fraud concerns. Delivering deep analytics in minutes, VeriFast provides powerful consumer – borrower insights far beyond conventional credit checks. Based in Toronto and privately-held, the company has customers throughout North America.