New York, NY (PRWEB)
March 30, 2017
Vstock Transfer, a leading stock transfer and registrar firm, is pleased to announce that it will be offering services to commercial and community banks since Vstock Transfer has recently received its SSAE 16 SOC 1 Type 2 compliance report for the company’s stock transfer processing.
Formerly known as SAS 70, the SOC 1 report is published by the American Institute of Certified Public Accountants (AICPA) under the SSAE 16 standard. The compliance process involves undergoing an examination of policies, operating procedures and controls related to financial reporting of user entities by an independent auditor to objectively validate that the service organization meets its declared control objectives.
“While our core audience of clients has historically been pre-IPO issuers, NASDAQ and NYSE MKT listed companies, we are delighted to now assist private banks as well as non-exchange listed and non-SEC reporting financial institutions. We recognize that Community banks are in a unique position to focus on their customers’ engagement and personalized experience. As such, Vstock Transfer is able to help a bank issuer differentiate themselves by aligning itself with a transfer agent that offers online services, dedicated account managers and a pro-active approach to individual customer service,” said Yoel Goldfeder, CEO of Vstock Transfer.
Goldfeder further commented, “It goes without saying that a financial institution or bank must maintain the highest level of accuracy and security when it comes to the shareholder registrar and the records transfer on the books of the issuer. It is for this reason that we sought the SSAE 16 Certification to demonstrate our ongoing commitment to best industry practices. Vstock Transfer is really filling two functions; firstly, we thrive on taking the administrative burden off of…