Bling Nation, a local payments network provider for community banks nationwide, today announced it has received a Statement on Auditing Standard (SAS) 70 Type I audit report from Ernst & Young for its operational control objectives and activities.
SAS 70 is the authoritative guidance that allows service organizations to disclose their control activities and processes to their customers and their customers' auditors in a uniform reporting format.
A SAS 70 audit signifies that a service organization has had its control objectives and control activities examined by an independent auditing firm. Bling Nation's SAS 70 Type I audit involved an examination of Bling Nation's operational controls, as they relate to processes and procedures as of January 31, 2009.
"The payments space has historically been fraught with identity theft and fraud," said Wences Casares, co-CEO of Bling Nation. "As a local payments provider, it is crucial that Bling Nation safeguard, monitor and upgrade our systems to guard against potential fraud. The SAS 70 Type I audit identified opportunities to maximize customer service in several operational areas, and completing the audit illustrates our commitment to data security and compliance."
In completing this SAS 70 examination, Bling Nation demonstrates adequate implementation of safeguards for storing and processing customer data.
Bling Nation selected Ernst & Young as an independent auditor due to its global leadership and industry-expertise. As part of the process, Ernst & Young closely examined Bling Nation's operational controls on the processing of transactions.