Independent Audit Verifies Transact24’s Internal Controls and Processes
Delaware, USA – Transact24 LLC, a third-party payment service provider, today announced that it has completed its SOC 1 Type II audit. This attestation verifies that Transact24 LLC has the proper internal controls and processes in place to deliver high quality services to its clients.
KirkpatrickPrice, a licensed CPA firm, performed the audit and appropriate testing of Transact24 LLC’s controls that may affect its clients’ financial statements. SOC 1 Type II 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 18 auditing standards and focuses 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. The SOC 1 Type II audit report includes Transact24 LLC’s description of controls as well as the detailed testing of its controls over a minimum six-month period.
“Transact24 Group is committed to providing efficient payment solutions and is currently pursuing various key projects and strategies internationally. Completing the SSAE 18 (SOC 1) Type II Audit for Transact24LLC is part of the necessary regulatory framework required to pursue the product and geographic opportunities identified by Transact24,” said Philip Meyer, Managing Director of Transact24 Limited.
“Many of Transact24LLC’s clients rely on them to protect consumer information,” said Joseph Kirkpatrick, President of KirkpatrickPrice. “As a result, Transact24 LLC 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 Transact24 LLC.”
Transact24 (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. Transact24 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.
Transact24’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.