AMERICAN FORK, Utah, Dec. 17th, 2020 /Press Release/ — Alchemy the leader in lending software technology, today announces it successfully completed its 2020 Service Organization Control (SOC) 2 Type 1 audit. Impressively, the process revealed no exceptions, meaning that the company’s existing operational policies, data protection, & privacy protocols met or exceeded the highest of security standards.
Achieving SOC 2 security compliance highlights the company’s operational excellence and underscores its ability and commitment to keeping sensitive client data safe. In addition to achieving this internationally recognized standard, Alchemy follows other industry best practices, including HIPAA compliance.
“We worked diligently with our auditing form for the past 6 months to complete the GAP Analysis as well as the actual SOC 2 Type 1 audit. I am pleased with the positive result. It also provide a measure of certainty for our client’s data. The work is not finished. We will continue to monitor our security procedures and policies moving forward and we are looking forward to working with our auditing firm for years to come.” stated Timothy Li, CEO of Alchemy.
Alchemy’s customers have always enjoyed the latest security protocols, with the successful completion of the bank grade security audit, we continue to serve our customers with their safety and security in mind.
System and Organization Controls (SOC), defined by the American Institute of Certified Public Accountants (AICPA), is the name of a suite of reports produced during an audit. It is intended for use by service organizations (organizations that provide information systems as a service to other organizations) to issue validated reports of internal controls over those information systems to the users of those services. The reports focus on controls grouped into five categories called Trust Service Principles.
Alchemy is a FinTech infrastructure company that powers FinTech and Banks with an end-to-end cloud based SaaS solution. Their award-winning lending software provides a full package of powerful loan modules, including for customer application, loan origination, decision engine, underwriting, loan management, payments, communications, secondary market, collections and modules allowing merchants and partners to invest. Founded in 2016, Alchemy services clients world wide.