Business Wire India - Multimedia: Digest for December 14, 2023

NewsVoir

Razorpay Becomes the First Indian FinTech to Receive the Coveted Data Security and Compliance Certification, 'System and Organisation Control 3' Thursday 30 November 2023 06:40 AM UTC+00 Razorpay, Indias Leading Omnichannel Payments and Banking Platform for Businesses has announced that it has received one of the most sought-after data security and compliance recognitions - 'System and Organisation Control 3 (SOC 3) Certification'. SOC 3 Compliance applies to any organization that stores sensitive customer data while processing online transactions, such as financial information, health records, or personally identifiable information. SOC 3 is a globally recognized and respected standard for managing and safeguarding sensitive customer data. Razorpay is the first fintech company in India to have achieved this compliance milestone. Razorpay Receives the Coveted SOC 3 Certification In the fast-paced world of fintech, SOC 3 certification emerges as a beacon of trust and credibility as it signifies a commitment to safeguarding sensitive financial data. In a country where the fintech adoption rate stands at 87% as against the global average of 64%, achieving the SOC 3 certification becomes a narrative of resilience, assurance, and market prominence in the dynamic fintech landscape. In the era of heightened cyber threats, this certification serves as a shield, managing risks and meeting customer expectations of robust data protection. Committed to upholding the highest standards of compliance, data security, and privacy, Hilal Lone, Chief Information Security Officer, Razorpay said, "We are thrilled to have received the SOC 3 certification, a significant milestone that reflects our ongoing commitment to providing secure and reliable solutions to our customers. Our teams are relentlessly working round the clock to ensure that our platform is secured with the highest standards of security in order to safeguard our customers. Compliance, privacy, and data security are the cornerstones of our forward-thinking ethos, thus calling for constant upgrades of our certifications and standardisations around privacy and data security." The certification signifies that Razorpay has undergone a rigorous evaluation of its controls related to data security, be it maintaining the integrity of data processing, or upholding the confidentiality of sensitive information, and protecting the privacy of customer data, to successfully meet the robust security standards set by the SOC 3 framework. For Razorpay, customer confidence is paramount and the SOC 3 certification is one of the ways by which it assures its customers that their financial information is handled with the utmost care and never misused. With its razor-sharp focus on building the financial backbone for Indian businesses, Razorpay's offerings are aimed at ensuring the safety of merchants and end-consumers, both offline and online. Today, Razorpay serves more than 10 Million businesses in India, which are safeguarded by top-notch security and compliance standards that are recognized globally. Looking ahead, Razorpay will continue its dedication to excellence in the regulatory and compliance domain by prioritizing investments and fostering innovations in these areas. About Razorpay Razorpay, India's leading omnichannel payments and banking platform helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment and banking journey for any business. Established in 2014, the company provides technology payment solutions to over 10 Mn businesses. Founded by alumni of IIT Roorkee, Shashank Kumar, and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley's largest tech accelerator, Y Combinator. Marquee investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator, and MasterCard have invested a total of $741.5 Mn through Series A to F in funding. A few angel investors have also invested in Razorpay's mission to simplify payments and business banking and redefine how finance works in India.

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