Fintech®, the OneSource® solution for the nation’s beverage alcohol business, has achieved compliance with the rigorous data security requirements of the Service Organization Controls 1 (Type 2) standard.
The demanding third-party examination that led to compliance with the data security standards was administered by the professional IT assurance and compliance staff at 360 Advanced, a national Qualified Security Assessor and Certified Public Accountant firm based in Tampa, FL.
A SOC 1 report attests to the effectiveness of the data security processes and controls a company has in place that impact or may impact their clients’ financial reporting. SOC 1 Type 2 includes the design and testing of controls to report on the operational effectiveness of controls over a period of time (typically a six- to 12-month period).
“It was a very serious audit of every aspect of our financial data security environment,” said Buck Jones, Chief Financial Officer. “The third-party SOC examinations really let our clients know we are dedicated to data security, and that we are committed to doing what it takes to maintain the processes and systems necessary to ensure compliance at all levels of our operations.”
Fintech processes upwards of 450,000 invoices weekly for its clients in the U.S. alcohol beverage industry, so its dedication to total security and confidentiality of all transactions is a baseline requirement of doing business, Jones said.
Fintech’s achievement of the data security compliance standard provides the firm with a competitive advantage because the designation establishes Fintech as a leader in the industry in financial data protection processes and controls.
Fintech®, a U.S. Chamber of Commerce Best Business of the Year winner located in Tampa, FL, is the OneSource® solution for the beverage alcohol business. Fintech’s platform provides user-friendly data and analytic reporting to equip businesses with powerful purchasing knowledge. The firm also acts as a strategic advisor to connect and grow businesses through industry partnerships, and provides electronic payments to save alcohol retailers and distributors time and money. Fintech is the only EFT provider that is compliant and available for use in all 50 states. Servicing more than 375,000 relationships and working with more than 2,500 distributors, Fintech processes upwards of 450,000 invoices weekly, representing $23 billion in payments annually.