Fintech Infrastructure Company Alchemy Receives SOC Type II Attestation after Audit from CPA Firm KirkpatrickPrice

Fintech infrastructure company Alchemy has reportedly received SOC 2 Type II Attestation.

Alchemy, a financial technology infrastructure provider confirmed in an update, dated July 10, 2021, that its SOC 2 Type II audit was carried out by KirkpatrickPrice. This attestation offers evidence that Alchemy has a firm commitment to security and to providing “high-quality” services to its customers by proving or demonstrating that they have the required internal controls and processes in place, the announcement noted.

As explained in the release, a SOC 2 audit aims to offer an independent, third-party validation that a service organization’s information security practices “meet industry standards stipulated by the AICPA.”

As noted by the Alchemy team:

“During the audit, a service organization’s non-financial reporting controls as they relate to security, availability, processing integrity, confidentiality, and privacy of a system are tested. The SOC 2 report delivered by KirkpatrickPrice verifies the suitability of the design and operating effectiveness of Alchemy’s controls to meet the standards for these criteria.”

Timothy Li, Chief Executive at Alchemy, said that Alchemy’s clients include private lenders and banking institutions operating across the globe.

Li remarked:

“We are entrusted with consumer information and other sensitive data on behalf of our partners. It is imperative that we demonstrate ample control year after year. We can’t afford to be in business otherwise. Thanks to our internal audit team, our IT infrastructure team and auditors from Kirkpatrick, we are able to complete this year’s SOC2 audits.”

Joseph Kirkpatrick, President of KirkpatrickPrice, said that the SOC 2 audit is “based on the Trust Services Criteria.” Kirkpatrick also mentioned that Alchemy “delivers trust-based services to their clients, and by communicating the results of this audit, their clients can be assured of their reliance on Alchemy’s controls.”

As previously reported, Alchemy is an embedded financing software firm that powers FinTech, Merchants and Banks with “an end-to-end cloud native experience.” The company’s lending software offers a complete package of “powerful” software modules, such as their digital customer onboarding process, real time underwriting, loan servicing and management, real time payments gateway, customer and merchant communications,  and collections modules.

As noted in the announcement, KirkpatrickPrice is a licensed CPA firm, PCI QSA, and a HITRUST CSF Assessor, “registered with the PCAOB, providing assurance services to over a thousand clients in North America, South America, Asia, Europe, and Australia.”

The company brings over 10 years of industry experience in information security by carrying out assessments, audits, and tests that enhance and solidify information security practices and internal controls.

KirkpatrickPrice regularly conducts assessments on SOC 1, SOC 2, PCI DSS, HIPAA, HITRUST CSF, GDPR, ISO 27001, FISMA, and FERPA frameworks, along with advanced-level penetration testing.

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