Electronic Payment Systems

Electronic Payment Systems

Many companies which provide electronic payment systems undergo cybersecurity and IT compliance audits. Electronic payment systems often involve the use of electronic money that is stored digitally. When managing electronic payment systems, maintaining customer trust is a critical aspect to the business. Implementing a robust compliance program is critical when maintaining an electronic money system. Increasingly, electronic payment system providers are asked to implement and maintain a compliance program that demonstrates their commitment to a strong system of internal controls. Control frameworks (such as SOC 1, SOC 2, ISO 27001, etc.) are widely accepted and help electronic payment system providers differentiate themselves from their competitors by demonstrating their commitment to maintaining a strong IT compliance program.