WESTWOOD, Mass.–(BUSINESS WIRE)–ZSuite Technologies, a financial technology company that powers financial institutions with digital escrow products for specific commercial verticals, has completed its SOC 2® Type 1 examination. Achieving SOC 2 compliance indicates that ZSuite Technologies’ controls and processes meet the common Trust Services Criteria. This accomplishment furthers the company’s commitment to making digital commercial escrow and subaccounting easier, faster, safer and more secure and compliant.
“ZSuite Technologies is growing rapidly in regard to the number of banks that we work with, as well as the size and complexity of those institutions,” said Nathan Baumeister, CEO of ZSuite Technologies. “This achievement signifies our internal controls’ adherence to industry standards, in addition to an ongoing dedication to meeting the needs of our clients and their compliance departments.”
To earn this certification, ZSuite worked closely with Laika, a compliance-as-a-service platform that helps companies manage infosec and privacy compliance, obtain security certifications and build trust with its financial technology customers.
Maintained by the AICPA, SOC 2 examines an organization’s internal controls for privacy and information security. Assessing compliance at a specific point in time, a SOC 2 Type 1 report audit tests the design of a compliance program and the suitability of controls.
“Meeting continuous compliance requirements for innovative fintech companies can be challenging and daunting. From day one, ZSuite understood that having a strong security and compliance posture was critical to building trust with their customers and partners, especially in a highly regulated arena,” said Eva Pittas, founder and COO, Laika. “By pursuing a Type I report before a Type II report, ZSuite committed to the fidelity and scalability of its compliance program through an independent attestation. They are now able to operate their compliance program with full confidence for a strong Type 2 report over their observation period.”
This certification was part of an impressive year for ZSuite in terms of product development and client growth. In 2021, the company approximately tripled its contracted annual recurring revenue (ARR) and added 12 new financial institutions to its growing client roster. ZSuite hired 11 new team members to accommodate this growth, including Jill Feiler as Chief Client Officer. In addition, the financial technology company launched ZEscrow, the only completely digital commercial escrow solution, which has seen strong adoption to date with $154 million in deposits.
“The completion of our SOC 2 Type 1 examination marks yet another accomplishment in what was a notable year for ZSuite,” said Jessica Santana, COO of ZSuite Technologies. “Organizations that use subaccounting and commercial escrow accounts, such as law firms, property managers, title companies, municipalities and government entities, need a digital solution that is convenient, full-featured and compliant. At ZSuite, we are proud to develop and deploy secure solutions that power financial institutions to expand business relationships with these entities.”
About ZSuite Technologies
ZSuite Technologies is a financial technology company that aims to power financial institutions with digital escrow products for specific commercial verticals that they can offer to their clients. ZSuite’s products, ZRent and ZEscrow, streamline collection of recurring payments and automate the management and compliance around multi-use escrow and subaccounting processes.
To learn more about ZSuite Technologies and how it can help your financial institution, please visit: https://www.zsuitetech.com.
Laika helps businesses manage compliance, obtain security certifications, and build trust in the marketplace. With Laika’s software-and-expert services, it has never been easier to implement, maintain, and demonstrate compliance. Get certified faster, close bigger deals, and build scalable security practices that stand the test of any audit.
Laika was founded by Austin Ogilvie and Sam Li, both two-time founders and Y Combinator alumni, and industry veteran Eva Pittas, who oversaw global risk and compliance functions at Citigroup for 20 years. Learn more at www.heylaika.com.