Paysharp, a fintech startup that provides UPI solutions and virtual accounts for B2B and B2C payments, has achieved SOC 2 certification, a standard for security and compliance in the payment industry.
SOC 2 is an auditing procedure that ensures that service providers securely manage data to protect the interests and privacy of their clients. SOC 2 certification is based on five trust service principles: security, availability, processing integrity, confidentiality, and privacy.
Paysharp is one of the few payment aggregators in India that has received SOC 2 certification, along with ISO 27001:2022 certification, which is another international standard for information security management systems. Paysharp is also an RBI in-principle approved payment aggregator, which means it can onboard merchants directly without involving banks.
Paysharp’s co-founder and CEO, Rajesh Kumar, said that the SOC 2 certification is a testament to their commitment to provide secure and reliable payment solutions to their clients. He added that Paysharp’s platform is designed for high-value transactions and offers flat fee pricing, ultra-fast settlements, and automatic reconciliation.
Paysharp’s clients include leading B2B businesses such as Zee5, ThePrint, and Business Standard. Paysharp claims to have processed over Rs. 500 crore worth of transactions in the last quarter of 2023.