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news RELEASE
PropertyBridge Reaffirms Multifamily Industry Leadership Position in Key Areas of Security and Compliance
ACH Audit Results Combined with Renewed Certifications for SAS 70 and PCI Validate PropertyBridge’s Commitment to Critical Payments Processing Standards
Oakland, CA - January 24, 2008 - PropertyBridge, Inc., a MoneyGram company, and the leading provider of electronic payment services to the residential real estate management industry, has again received full certification for SAS 70 Type II and Payment Card industry (PCI) Data Security Standards. In addition, PropertyBridge also received certification for its Automated Clearing House (ACH) internal processes and controls from Payments Nation.
The three certifications serve as a confirmation of the high standards maintained by PropertyBridge in areas such as the handling of sensitive consumer credit card data and banking information.
“The sheer volume of payments processed through the PropertyBridge Payments Platform requires that we keep stringent control over every transaction, and all the resulting data,” said Clark Huang, VP, Payment Services, PropertyBridge. “These certifications validate our investment in developing and maintaining a system that is robust and secure in even the most demanding property management environments.”
Level 1 compliance with PCI data security standards is the highest level possible, and is only issued to organizations that process in excess of 1,000,000 transactions annually. PropertyBridge received certification as a ‘Level 1 Payment Gateway Service Provider’ for the third year running, the longest current span amongst multifamily housing industry payment processors. The report granting certification to PropertyBridge was issued by Security Metrics (Orem, Utah).
For a second year running, PropertyBridge also received an “unqualified” opinion for the Certified Public Accountants Statement on Auditing Standards (SAS) No.70, Type II Audit. An unqualified opinion is the most desired outcome, indicating that all of PropertyBridge’s internal control objectives were met without any significant exception or deficiency. The opinion was issued by the respected CPA firm of Armanino McKenna LLP.
PropertyBridge has also continued its compliance efforts by having an outside organization conduct its annual ACH Audit. This audit validates that an organization is in compliance with ACH Operating Rules and meets all applicable audit requirements. Although the audit can be performed as a self-assessment, PropertyBridge chose to utilize an outside ACH auditing firm, Payments Nation, to validate its compliance and aid the company in identifying potential areas of risk within its processes.
About PropertyBridge, Inc.
PropertyBridge, a MoneyGram Company, is the leading electronic payments processor for property managers and real estate owners in the multifamily housing industry. The PropertyBridge Payments Platform™ enables residents to pay rent and other lease-related transactions using multiple payment types, including credit and debit cards, Automated Clearing House (ACH), check scanning (Check 21/ARC), cash payments at MoneyGram agent locations, online bank bill payment, and lockbox services. PropertyBridge’s rent payment solutions are fully integrated with the accounting systems and business processes of property management firms. Residents can pay rent online, by phone or in person and set up recurring payments. The company collaborates extensively with financial services leaders including Visa USA, MasterCard, Discover Financial Services, American Express, Wells Fargo Bank and First National Bank of Omaha. MoneyGram, Inc. acquired PropertyBridge in October 2007.
Contacts
Peter Mansfield
Vice President of Marketing
pmansfield@propertybridge.com
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