BillingTree, one of the nation’s leading on-demand payment processors, has announced it has completed the rigorous independent audit examination in conformity with Statement on Standards for Attestation Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization for the period May 1 2011 thru April 30 2012.
Completion of the SSAE 16 Type II examination indicates that selected BillingTree processes, procedures and controls have been formally evaluated and tested by an independent accounting and auditing firm. The examination included the company’s controls related to Physical Security, Computer Operations, Information Security, Application Development Maintenance and Documentation, Data Communication, Client Setup and Maintenance, Transaction Processing, and Transaction Reporting.
“At BillingTree, we are committed to providing the highest level of assurance to our customers and partners that their critical data is in a facility that employs stringent internal business processes and IT control,” commented David Roberts, President and CEO, BillingTree. “BillingTree’s dedication to a compliant and secure operation has now been documented, reviewed, and audited by an independent third party, which has shown our control environment to be robust, transparent and consistent.”
SSAE 16 is designated by the U.S. Securities and Exchange Commission (SEC) as a method for client companies to obtain assurance about a service organization internal controls without conducting additional assessments. In addition, the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 make SSAE 16 reports even more important to the process of reporting on effective internal controls by public companies.
BillingTree supplies the leading fully integrated, multi-channel electronic payment platform to a growing list of Industries, including Insurance, ARM and the collections space, Utilities, such as power, cable, municipal, and phone, as well as Healthcare and Subscription-billed services. Benefits of electronic payment solutions include an accelerated availability of consumer funds, reduced costs associated with manual-payment processing, improved cash management, and integrated processing by managing all payments, returns, and corrections through a single portal.