WireBarley Enhances Reliability with SOC 1 and SOC 2 Compliance Audits

WireBarley has strengthened its service reliability by obtaining global compliance audits.

WireBarley, a cross-border payment solution provider, has successfully completed both the SOC 1 compliance audit for global internal control over financial reporting and the SOC 2 compliance audit for information security.

System and Organization Controls (SOC) is a framework established by the American Institute of Certified Public Accountants (AICPA) to evaluate and certify the internal controls of service providers. Financial and IT service companies obtain a SOC report under these frameworks to demonstrate their credibility and security at an international level. SOC 1 assesses the adequacy of internal controls related to financial reporting, while SOC 2 assesses the information security management system of a company's services. SOC 2 consists of five key principles: Security, Availability, Processing Integrity, Confidentiality, and Privacy, with WireBarley completing the compliance audit with Security and Availability.

Each SOC report is classified into two types: Type 1, which evaluates whether internal controls are properly designed, and Type 2, which assesses whether these controls operate effectively over a period of time.

WireBarley previously obtained SOC 1 Type 1 and Type 2 reports, followed by the SOC 2 Type 1 report in 2024. In February of this year, the company achieved the final SOC 2 Type 2 report.

The SOC 1 and SOC 2 audits for WireBarley were conducted by KPMG Samjong Accounting Corp. as an independent auditor.

Joongwon John Yoo, CEO of WireBarley, stated, "This achievement of the SOC reports is a significant milestone that demonstrates WireBarley, in collaboration with over 50 global partners, is establishing itself as a reliable service in the global finance and fintech industry. We will continue strengthening our security and compliance efforts to ensure our customers and partners can use our services with confidence."

Notably, SOC 2 reports require systematic security controls, which is why these reports have primarily been obtained by large IT companies. WireBarley, as a fintech startup, receiving the reports is a meaningful achievement, as it signifies official recognition of the company's global-level security and internal control capabilities.

Additionally, WireBarley has maintained the Payment Card Industry Data Security Standard (PCI-DSS) certification for three consecutive years, demonstrating its top-tier global security capabilities in protecting card payment data. The company also operates a Compliance Committee comprising compliance professionals from all the countries where it provides services, ensuring adherence to local regulations.