BVNK has achieved SOC 1 Type II, validating our financial controls. This attestation report demonstrates our commitment to maintaining robust controls over transaction processing, asset custody, and financial reporting.
SOC 1 Type II complements our existing SOC 2 Type II and ISO 27001:2022 accreditations. While SOC 2 Type II validates our security controls, SOC 1 Type II specifically validates our financial controls – ensuring your balances are accurate and transactions are processed reliably.
SOC 1 Type II is a widely recognized framework developed by the American Institute of Certified Public Accountants (AICPA). It evaluates the effectiveness of an organization's financial controls over an extended period, rather than at a single point in time.
To achieve this, BVNK underwent a rigorous independent audit that assessed our financial controls across multiple areas including:
- Transaction processing and validation
- Digital asset custody and safeguarding
- Backup and data recovery
- Reconciliation and financial reporting
- Access controls and segregation of duties
- Liquidity management
- System availability and incident management
Unlike other financial assessments that provide a snapshot of controls at a specific moment, SOC 1 Type II evaluates how effectively these controls operate continuously over time. Our audit period was six months, demonstrating consistent application of our financial controls under real-world conditions.
BVNK underwent a comprehensive examination covering 17 critical control objectives. The independent auditor found zero exceptions, confirming that our controls are suitably designed and operating effectively to protect your financial assets and ensure transaction accuracy.
SOC 1 Type II complements our existing SOC 2 Type II and ISO 27001:2022 accreditations. While SOC 2 Type II validates our security controls, SOC 1 Type II specifically validates our financial controls.
For our customers, particularly enterprise merchants and regulated institutions, this attestation simplifies vendor risk assessments and provides assurance that BVNK maintains audit-grade financial controls that protect your funds and transaction integrity.
Our investment in compliance is ongoing. BVNK is committed to regular independent audits to ensure we continue to meet these high standards in financial controls and asset protection.
You can learn more about BVNK's financial controls and credentials, and find out attestation reports, in our Trust Center.