[Stockholm, 6 March 2023] Billhop, the B2B payment platform specialising in card-based invoice payments, announced the successful completion of their Service Organization Control (SOC) 2 Type II Audit.
SOC 2 is a security framework designed by the American Institute of Certified Public Accounts (AICPA) that details the best practices technology companies should follow when handling sensitive customer information.
Following the audit, Billhop was issued a favourable report that attests to the company's ability to adhere to SOC 2’s robust trust service principles of Security, Availability, Confidentiality, Processing Integrity and Privacy. It also serves to demonstrate that Billhop can maintain compliance over an extended period of time.
"Completing the SOC 2 Type II audit is a significant milestone for Billhop as it underscores our steadfast dedication to protecting the data and privacy of our diverse customer base,” said Sebastian Andreescu, CEO. “Our team has worked tirelessly to ensure that our processes and controls comply with the strictest industry standards, and this stamp of approval truly validates our efforts.”
As the popularity of Fintech companies and the usage of cloud services continue to gain traction, there is a pressing need for stricter compliance measures and greater transparency to ensure sensitive data is handled responsibly.
Achieving SOC 2 Type II compliance is thus paramount in today’s digital age as it provides our customers and stakeholders with a peace of mind that their information is being stored and managed under the most stringent information security and privacy protocols.
Founded in 2012 with the express aim to address the low card acceptance rate in the B2B sphere, Billhop’s mission has always been to simplify payments for business owners everywhere. By reshaping the way businesses pay one another, Billhop enables companies to smooth out cash flow irregularities and improve their working capital. A Swedish payment institute with their headquarters in Stockholm, the company is on track to process over €300 million in transactions during 2022 and is a winner of Deloitte’s Most Disruptive Innovation Award.