EastNets, a leading global provider of compliance and payments solutions, announced today that it has achieved the SAS 70 Type II Certification, the American Institute of Certified Public Accountants' (AICPA) stringent Statement on Auditing Standards No. 70 Type II Audit on Service Organizations.
The certification was awarded to EastNets after a rigorous testing period of its SWIFT Service Bureau to determine the operating effectiveness of controls used to manage the SWIFT Alliance environment in accordance with SAS 70 requirements.
"The favorable results of the SAS 70 audit provide strong third-party validation and proves the ability of EastNets to offer secure and reliable SWIFT hosting services," said Hazem Mulhim, CEO of EastNets. "With the SAS 70 certification, we assure our customers and the SWIFT community that we shall maintain and deliver high levels of operational and service excellence and performance."
A SAS 70 Audit involves a thorough assessment of the control objectives and control activities of organizations and determines whether the proper controls and safeguards are in place to host or process customer data. Results from the audit, conducted by Ernst & Young, showed that the company met the five Control Objectives of restricted logical access to system resources.
EastNets' en.Service Bureau is used today by over 250 financial institutions and corporates, providing gateway connectivity, fully managed hosting, shared alliance access server, as well as add-on services for disaster recovery, FileAct service, reconciliation, anti-money laundering, SWIFT reporting and duplicate message detection management.