Major Blockchain payments provider BitPay has proclaimed that it has passed the Service Organization Control Review (SOC 2). The review was conducted successfully by the Aprio, which is among the top 100 CPA led advisory firms. The tech audit firm assures maximum confidentiality and data privacy of the customers.
SOC 2 has been established under the American Institute of Certified Public Accountants (AICPA) and it decides policies, practices, and procedures to regulate security, processing integrity, availability of customer’s data. By completing the SOC 2 review, BitPay has passed the above evaluation criteria for the revival procedure.
Around 2000 customers, who adopted the blockchain and crypto payment system had asked the company to undergo payment compliance procedures for secure transactions.
Dan Schroeder, a partner in charge of information assurance services of Aprio remarked,
After a thorough review, we have confirmed the design and application of BitPay’s payment system meet the standards set forth in SOC 2 for protecting customer data. SOC 2 reporting is an industry best practice standard that evaluated a company’s controls relative to matters such as securing transactional and other sensitive customer data.
BitPay CEO Stephen Pair explained that the company is motivated with the SOC 2 compliance which was achieved through consistent efforts and thorough groundwork. He said,
As BitPay continues to enable mainstream companies to accept cryptocurrency payments, SOC 2 assurances are wanted by companies, especially large enterprises. Achieving the milestone demonstrates BitPay’s commitment to making it easy for businesses to adopt and accept cryptocurrencies as a form of payment.
BitPay has been signed up all across the globe by thousands of firms as an intermediary to perform Bitcoin transactions. BitPay assures protection for every transaction, which is recorded and stored on a secured public ledger.
BitPay has tried to implement security measures even in August 2019, which got a mixed response from the customers as their data was leaked with some centralized bodies. The users were asked to undergo a one-time verification process providing their passport and photo ID details.
Recently, many cryptocurrency exchange firms are evaluating themselves for various compliance certifications to avoid financial fraud and irregularities in the crypto-transactions. 15 global authorities including G7 nations have announced to develop a hi-tech tracking system to protect customer’s data privacy.
BitPay is a major global company in Bitcoin and Blockchain payments. It was founded in 2011 and has assets worth $70 million across North America, South America, and Europe.