news release

PropertyBridge Announces Level 1 Compliance with Payment Card Industry (PCI) Data Security Standard

Leading Payments Processor is the First in Property Management Market to Achieve Highest Level of Compliance, and the Only Multifamily Industry Electronic Payments Company on Visa’s List of Compliant Service Providers

OAKLAND, CA – May 10, 2006 – PropertyBridge, Inc. the leading payment services provider in the multifamily industry, today announced that it has been audited as compliant with the exacting and far-reaching Payment Card Industry (PCI) Standard. PropertyBridge is the first and only payments processor within the multifamily and property management industries to achieve PCI Level 1 compliance.

Endorsed by payment card brands including Visa and MasterCard International, the PCI Data Security Standard regulates the security and business processes of service providers that store, process or transmit consumer credit card data.

The adoption of Level 1 PCI practices within the multifamily housing industry will significantly reduce the risk, fraud and potential consumer data security breaches faced by property management offices.

In addition to compliance with the Payment Card Industry Data Security Standard, PropertyBridge satisfies the requirements of Visa U.S.A.’s Cardholder Information Security Program (CISP), and is included on Visa’s ‘List of Compliant Service Providers.’ The List, located at www.visa.com/cisp acknowledges those service providers that have met the rigorous security requirements of Visa CISP.

Stated PropertyBridge CEO Ryan Gilbert, “PCI Level 1 Compliance is an important milestone for PropertyBridge. With all the major players in the payments processing chain aligned behind this data integrity standard, property managers can create strategic payments solutions with confidence. Our business is built around strict adherence to industry standards, and the protection of confidential information entrusted to us by our clients and their residents. This standard further marginalizes payment processors that continue to leave property manager and consumer data at risk.”

After an annual On-Site PCI Data Security Assessment conducted by the qualified data security company Security Metrics (Orem, Utah), PropertyBridge qualified as a ‘Level 1 Payment Gateway Service Provider,’ — the highest level of PCI compliance. This certifies PropertyBridge to process in excess of 1,000,000 transactions annually.

The PropertyBridge Payments Platform™ processes the largest dollar volume of automated electronic payments in the multifamily housing industry. PropertyBridge enables residents to pay rent and other lease-related transactions using any of six payment types including payment cards (credit and debit), ACH, and e-checks. The company provides large property management firms with a previously unattainable level of integration and administrative efficiency in this key area of their business.

About PropertyBridge, Inc.

PropertyBridge (www.propertybridge.com) is the leading provider of automated payment processing services for the real estate management industry. Formed in 2003 by a diverse group of financial services, technology, marketing and real estate professionals, PropertyBridge launched its first solutions for large multifamily housing and property management firms in 2004. PropertyBridge now serves customers across the United States. These include some of the largest residential real estate management companies serving millions of tenants. PropertyBridge, Inc. collaborates extensively with some of the financial service industry's largest organizations including Visa USA, Wells Fargo Bank, Discover Financial Services, MasterCard and First National Bank of Omaha.

Contacts

Peter Mansfield
Vice President of Marketing
pmansfield@propertybridge.com