Safe Escrow Receives SOC 2, Type II Certification
October 20, 2015
Pittsburgh-based PCN Network has been granted the American Institute of Public Accountants’ Service Organization Control 2 (SOC 2) Type II certification for its Safe Escrow System and related service. Safe Escrow utilizes its proprietary technology to provide a managed disbursement solution for title agents, title underwriters and mortgage lenders. In addition to SOC 2, Type II, the examination included the suitability of design and testing the operating effectiveness of controls to meet ALTA’s Best Practices Pillar #2 (Escrow Trust Accounting).
A SOC 2, Type II examination represents the elite standard of detailed examination of suitability of design and testing the operating effectiveness of controls to meet criteria for security, availability and processing integrity, as set forth by the AICPA, Trust Services Principles and Criteria. It is a widely-accepted auditing measurement indicating strong controls in, among other things, the integrity of processing of and protection of confidential data with respect to escrow accounts managed by Safe Escrow, the company said in a release.
The SOC 2 designation implies that Safe Escrow meets or exceeds Pillar Two of ALTA’s Title Insurance and Settlement Company Best Practices. Pillar Two of ALTA’s Best Practices urges settlement services-related firms to adopt and maintain strong written procedures and controls for escrow trust accounts and includes the electronic verification of reconciliation.
“While many settlement services firms or title agents perform limited reviews or self-assessments, Safe Escrow has submitted itself to an independent evaluation and detailed testing of its service, and has met the requirements of ALTA and the AICPA’s rigorous SOC 2 standards without exception,” said Pritam Advani, President and CEO of Safe Escrow. “Lenders and underwriters are seeking to mitigate risk associated with escrow funds. The Safe Escrow System and related service is designed to improve the present state of escrow funds management. Our title agent clients have also informed us that our system is easy to work with, while achieving a degree of control and security standards that they could never attain on their own. Safe Escrow willingly incurred the expense and effort associated with a detailed SOC 2, Type II examination, as it conclusively demonstrates the value of our Safe Escrow System and related service.”
Contact ALTA at 202-296-3671 or communications@alta.org.