LST Financial Announces Results of Annual Technology and Security Audits
Company Continues Industry Leadership Through Superior Security Standards and System Continuity
SAN ANTONIO, Jan. 18, 2012 /PRNewswire/ -- LST Financial, Inc., a leading payment processing firm, today announced the Company successfully completed two important annual independent audits: the Bank Secrecy Act, Anti-Money Laundering and Office of Foreign Assets Control (BSA/AML/OFAC) audit; and the annual third-party ACH audit as required by the National Automated Clearing House Association (NACHA), the standards body for ACH processing.
The BSA/AML/OFAC audit is the authoritative guidance which allows payment processors and financial service organizations to confirm their control activities and processes are in compliance with the standards established by the Federal Financial Institutions Examination Council and the US Department of the Treasury Financial Crimes Enforcement Network. The auditor's report is issued at the conclusion of the examination and addresses all components of internal controls, namely the control environment, risk assessment activities, information and communication systems, training and monitoring. While LST is not required to have this audit performed it has elected to do so over the past several years to demonstrate its on-going commitment to compliance, security and professionalism.
"LST's on-going commitment to deliver 'five nine' payment processing performance includes the implementation of technology, policies, procedures and management practices which fully satisfy these exacting standards, and demonstrates the controls and safeguards are in place throughout our operational environment to ensure leading-edge security, system integrity and data management," said Greg Colton, Managing Director. "Along with extensive investments to ensure non-stop system continuity and performance, we are proud to have consistently achieved these significant compliance milestones over the last several years."
Specifically related to the processing of Automated Clearing House (ACH) transactions, the ACH audit is required by NACHA of third-party processors and financial institutions, and addresses a wide range of day to day operational issues including policies and procedures, separation of duties and documentation.
"The sheer speed and vast quantity of payment information managed by our technology and processing environment requires best-in-class controls and safeguards," continued Colton. "Multiple layers of redundancy in every aspect of our technology demonstrate our commitment to professionalism and integrity. By successfully completing these audits, we provide our clients the independent assurance that security, system performance, continuity and customer service remain our core values."
About LST Financial, Inc.
LST Financial, Inc. is a Tier 1, full service third-party financial processor offering a wide variety of payment processing solutions to financial institutions and businesses. LST specializes in ACH processing, payroll, federal tax payments, direct deposit, wire transfers, and ancillary services such as card programs, identity verification, criminal and business background investigations and custom software integration. LST Financial is a Microsoft Certified Silver Partner and the only payment processing member of the Online Lender's Alliance.
SOURCE LST Financial, Inc.
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