FX software providers are getting third party audits to ensure quality standards
FX transaction processing software provider TwoFour Systems, LLC has announced the conclusion of its successful certification under 2013 SSAE16 SOC1 Type 2 standard for their ASP (Application Service Provider) software services. The company is specializing in delivering forex and cash management solutions to its growing worldwide client base. The examination for the certificate has been conducted by and independent Certified Public Accountant (CPA) company.
The above mentioned SSAE Nr. 16 standard is adopted from the (ISAE) International Standards for Assurance Engagements for use in the United States. It is an authoritative guidance for reporting on service organizations with relevance to the user entities’ internal control over conducting proper financial reporting.
The examination is a two-step process with the first part focusing on computer operations, information security, application change control and vendor security, while the second emphasizes on administrative, physical and technical safeguard mechanisms.
TwoFour’s standardization does not come as a surprise – companies within the industry like Spotware and MarketsPulse have already passed through ISO certifications back in 2012 and as the industry grows mature, there could be more efforts directed to establish credibility through third party verification, especially for new companies.
New Zealand based OM Financial Limited (OMF) has already selected Two Four Systems to provide it with its TwoFour Foreign Exchange software to manage the whole spectrum of FX payments and margin transactions. The New Zealand brokerage is specialized in providing forex, futures, options and equities to its clients.
Co-founder and CEO of TwoFour Systems, Steve Davis has outlined that the successful examination of the company’s ASP software solution establishes increased credentials for TwoFour systems as an appropriate choice for clients who are keen in information security and smooth user experience. The standard certificate will outline the company’s ability to deliver quality with the firm’s products and services.