Innoviti Becomes India’s First Payments SaaS Company to Receive Coveted SOC3 Seal of Excellence for Adhering to Trust Services Principles
Innoviti announced today that it has been awarded the SOC Compliance Seal (SOC2 and SOC3 reports for uniPAYNEXT application) as per the AICPA’s SSAE 18 standards issued by an independent Third-Party CPA firm (Ernst & Young Associates LLP). This is in recognition of Innoviti’s software and processes conforming to standards of excellence in managing security, availability, processing integrity, confidentiality, and privacy of all shared data and information. Innoviti processes over US 6.5 billion of annualized offline merchant payment volume (~5% of India’s offline merchant volume, based on RBI data), turning payment transactions into business collaborations by creating software that brings merchants, banks, brands together to create new and unique ways of providing superior experiences to their common consumers.
Innoviti’s payment solutions provide services to marquee clients such as Reliance Retail, Tanishq, Lifestyle, Max Retail, Shoppers Stop, Apollo Hospitals, Fortis Hospitals, Manipal Hospitals, and over 400 other national and regional retail chains. Transactions originate from over 100,000 points of the transaction from 1000+ cities, with the 2X higher volume from every point of transaction than the national average. These transactions are in turn connected to more than 100 banks and brands, creating a complex intelligent network of networks.
Under SOC3, Innoviti’s assertions about a) detection of communication failure and auto-switching to alternate communication means, b) detection of banking and other partners response failures and auto-switching to alternate providers using acquirer fallback feature, c) procedures for recording and displaying transaction time, and d) procedures for configuring promotion schemes (such as least cost routing, cashback, and EMI schemes) have been evaluated and found to be meeting the strict trust criteria of AICPA.
This development is in continuation of Innoviti’s Series C fund raise, one of the end-uses of which was to enhance the software technology to meet the highest standards of systems and process delivery.
This not only helps customers reduce anxiety, but also provides them highly differentiated services at scale to drive extra sales and extra customers. Quotes: “Processing payments reliably requires managing quality at scale. Rather than just making claims about our superior reliability and marketing service capabilities, we wanted to have an independent authority validate the same.
We are proud to become the first Indian payments SaaS company to receive this seal of excellence. SOC3 is the most definitive seal when it comes to adhering to principles of trust services. It establishes the organizations unquestioned commitment to excellence in managing availability and processing integrity of systems and processes, besides security, confidentiality, and privacy of shared data and information.
We subjected our systems and processes around reliability and promotion configurations and management to the strict principles of AICPA and are assertions about our methods and systems have been found to be true.
A key differentiator for us has been developing sophisticated technology and delivering it through simple, exceptionally crafted payment experiences. This is hard, very hard to put together. We are proud to have done that. We are committed to ensuring that our marquee customers and partners get the best possible payment solutions on this planet, this seal is a huge endorsement of our mission,” – said Mr. Gaurav Mehrotra, Vice President, Technology, Innoviti.
About Innoviti Payment Solutions Pvt. Ltd. Innoviti Payment Solutions Pvt. Ltd. has been a pioneer in the use of technology to add intelligence to payment transactions, helping extract the full power of digital payments to drive business growth. As consumer-centric businesses transform themselves digitally, Innoviti believes that the point of payment will play a pivotal role in connecting merchants to brands and banks, enabling them to discover and deliver new and unique experiences to their common customers. Innoviti’s indigenously developed platform processes over 6.5B of offline merchant payments from over 1000+ cities in India, with a volume throughput that is 2X of the country’s average.
The company is the winner of several awards including Reliance’s Most Promising Growth Consumer Finance Award for its #KuchBhiOnEMI innovation in 2019. The company has several national and international patents filed for its technology with two awarded. Catamaran Ventures, India, SBI Capital, Japan, Bessemer Ventures, USA, and FMO, Netherlands are investors in the company.