Paays Reports on Security Standards Established By The American Institute Of Certified Public Accountants (AICPA) for its Paays Platform.
March 6, 2023 — Paays Financial Technologies Inc. (“Paays”), a leading provider of FinTech solutions for auto finance, announced today that it has successfully completed a Type 1 System and Organization Controls 2 (SOC 2) examination for its Paays Platform service as of March 1, 2023. Paays partnered with Strike Graph to prepare for the review and audit, which was completed by an independent CPA firm. The examination found that Paays achieved its service commitments and system requirements as measured by the SOC 2 criteria for Security and Privacy. The examination concluded in an “no exceptions”, clean opinion.
SOC 2 reports are attestation reports that examine controls at a service organization relevant to the security, availability, or processing integrity of a system’s security, availability, and/or processing integrity and the confidentiality or privacy of the information processed for the user entities. The Paays SOC 2 report provides users of our services information regarding the design of our internal controls relevant to the SOC 2 criteria.
“Security, reliability, and trust are core values for Paays, and ones that are quickly becoming table-steaks requirements for sophisticated enterprise users of the Paays platform. Achieving our Type 1 SOC 2 is part of an ongoing effort to bring innovative and secure FinTech solutions to auto Lenders and Dealers active in automotive finance. We look forward to working with Lenders and Dealers in auto finance and to help accelerate the industry’s digital transformation by continually investing in our security and our infrastructure.” – said David Fry, CEO of Paays.
The successful completion of the SOC 2 examination is testament to Paays’s strong commitment to the security of its customer’s data. Paays intends to continually execute and improve upon its internal controls and to provide consistent assurance to its customers via an annual SOC 2 report, with the expectation of receiving a SOC2 Type 2 report, in a year’s time.
Founded in 2018, Paays is a Toronto-based FinTech solutions provider for digital identity, income verification, and pre-qualification solutions to Automotive Finance Dealers and Lenders. The Paays ID Verifier, targets identity fraud in vehicle financing with an easy-to-use smartphone application using advanced artificial intelligence, biometric, and anti-fraud technologies. Paays ID Verifier is now available directly from Paays, or through the RouteOne financing platform. Paays expects to be launching Income and Pre-qualification solutions in 2023. Learn more about Paays at paays.com.