Elevate Pay Becomes SOC 2 Type 1 Compliant After Audit

In Short

Elevate Pay says it is now SOC 2 Type 1 compliant after an independent audit by Sensiba.

What Happened: Elevate Pay SOC 2 Type 1 Compliance

Elevate Pay announced that it is now SOC 2 Type 1 compliant, following an independent audit conducted by Sensiba, a CPA firm that specialises in SOC audits.

The company said freelancers, remote professionals, and businesses use Elevate Pay to receive, send, and manage earnings, and that customers also share personal and financial information.

Elevate Pay explained that SOC 2, short for System and Organization Controls 2, is an auditing framework developed by the American Institute of Certified Public Accountants. It evaluates how organisations manage security controls designed to protect customer information.

The company said a SOC 2 Type 1 audit checks whether an organisation’s relevant security controls are appropriately designed at a specific point in time. Elevate Pay added that the independent assessment matters because an external auditor examines systems, policies, and controls and provides an independent opinion.

Why It Matters: What Elevate Pay Says Customers Should Expect

Elevate Pay said opening an account involves sharing sensitive information, including identity documents, banking details, and financial records. It said customers rely on it to handle that data responsibly, whether they are receiving a monthly salary, getting paid by an international client, or managing business payments.

The company said SOC 2 Type 1 compliance provides additional assurance that the design of its security controls has been independently assessed against recognised criteria. It also said the milestone gives businesses and partners more transparency when evaluating Elevate Pay as a financial services provider.

Elevate Pay said users do not need to change anything about how they use the product.

In the announcement, the company also described some of its security practices, including encryption for stored and transmitted data, plus strict access controls and data governance for how customer information is collected, used, accessed, shared, retained, and handled internally.