Bling Nation Receives SAS Type I Certification.Audit Completion by Ernst & Young Demonstrates Secure and Compliant Operations PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif. -- Bling Nation, a local payments network provider for community banks nationwide, today announced it has received a Statement on Auditing Standard (SAS (1) (SAS Institute Inc., Cary, NC, www.sas.com) A software company that specializes in data warehousing and decision support software based on the SAS System. Founded in 1976, SAS is one of the world's largest privately held software companies. See SAS System. ) 70 Type I audit report from Ernst & Young for its operational control objectives and activities. SAS 70 is the authoritative guidance that allows service organizations to disclose their control activities and processes to their customers and their customers' auditors in a uniform reporting format. A SAS 70 audit signifies that a service organization has had its control objectives and control activities examined by an independent auditing firm. Bling Nation's SAS 70 Type I audit involved an examination of Bling Nation's operational controls, as they relate to processes and procedures as of January 31, 2009. "The payments space has historically been fraught fraught adj. 1. Filled with a specified element or elements; charged: an incident fraught with danger; an evening fraught with high drama. 2. with identity theft and fraud," said Wences Casares, co-CEO of Bling Nation. "As a local payments provider, it is crucial that Bling Nation safeguard, monitor and upgrade our systems to guard against potential fraud. The SAS 70 Type I audit identified opportunities to maximize customer service in several operational areas, and completing the audit illustrates our commitment to data security and compliance." In completing this SAS 70 examination, Bling Nation demonstrates adequate implementation of safeguards for storing and processing customer data. Bling Nation selected Ernst & Young as an independent auditor Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. due to its global leadership and industry-expertise. As part of the process, Ernst & Young closely examined Bling Nation's operational controls on the processing of transactions. About Bling Nation Bling Nation provides a local payment network, which allows banks to convert potential on-us debit A monetary amount that is subtracted from an account balance. A debit from one account is a credit to another. See credit. transactions into actual on-us debit transactions by offering consumers secure contactless payments Contactless payment systems are credit cards, key fobs, or other devices which use RFID for making secure payments. The built in chip and antenna enable consumers to wave their card or fob over a reader at the point of sale. at the point of sale. Bling Nation's proprietary technology enables transactions to be processed more efficiently than a traditional credit or debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. network, delivering value for the bank, merchants and consumers through its Community Payments Service. For additional information, visit www.blingnation.com. |
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