LSQ, a leading provider of working capital finance and payments solutions, announces the successful completion of their System and Organizational Controls (SOC) 2® Type 2 third-party attestation for their LSQ FastTrack® platform.
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The successful completion of the third-party audit demonstrates LSQ’s continued commitment to deliver high-quality services to its clients and partners by implementing best practices in data privacy and security.
SOC 2 is a voluntary compliance standard for service organizations, developed by the American Institute of CPAs (AICPA), which specifies how organizations should manage customer data. The standard is based on the following Trust Services Criteria: security, availability, processing integrity, confidentiality and privacy. The third-party attestation validates an organization’s description of the system and the suitability of the design as well as operational effectiveness over a period of time.
“The threats to IT environments have never been greater,” said Steve Piubeni, LSQ’s Director of Compliance. “Businesses have an obligation to vet their vendors to ensure they meet specific standards; in fact, it’s a regulatory requirement for many companies. By completing our SOC 2 examination, we provide those companies with assurance that we are compliant with these rigorous standards.”
According to LSQ Director of Information Security Danny Wall, the completion of SOC 2 will allow companies to begin accessing LSQ’s working capital finance and payments platform much quicker.
“Our process (to onboard clients onto LSQ FastTrack®) has always been efficient,” said Wall. “A large part of the implementation time has been the client going through the process of verifying IT security and privacy within LSQ and the platform. Now, with SOC 2 customers can expedite that process and start realizing the value of the solution faster.”
LSQ is a market leader and pioneer in working capital finance and payments solutions. For more than 25 years, LSQ has leveraged innovative technology, credit and risk expertise, and proprietary data that empowers thousands of businesses to optimize their working capital, automate and accelerate payments, manage collections, and mitigate risk. Every year, we accelerate billions of dollars in payments to businesses and their suppliers through our LSQ FastTrack platform to help them obtain the funds they need to grow and thrive. LSQ is headquartered in Orlando, Florida.