SOURCE: PropertyBridge, Inc.

January 10, 2007 09:00 ET

PropertyBridge Receives SAS 70 Type II Certification

Independent Audit of Infrastructure, Security and Procedures Marks First for Service Providers Offering Payment Services to Multifamily Industry

OAKLAND, CA -- (MARKET WIRE) -- January 10, 2007 -- PropertyBridge, Inc., the leading payment services provider in the multifamily housing industry, today announced that it has completed the Certified Public Accountants Statement on Auditing Standards (SAS) No. 70, Type II audit. The successful review is the first to be completed by a payments service provider offering more than three payment types to property management organizations within the real estate industry.

The SAS 70 audit, completed by the respected CPA firm of Armanino McKenna LLP, was unqualified. Receiving an 'unqualified' opinion for a SAS 70 Type II review is the highest possible designation. Unqualified opinions indicate that each of the control objectives specified by the service organization were met without any significant exception or deficiency.

The audit examined in detail all aspects of PropertyBridge's information technology, processing and operational procedures, and indicates that PropertyBridge maintains a secure, stable and compliant infrastructure that satisfies the requirements of Section 404 of the Sarbanes-Oxley Act. This is a key factor for publicly held real estate investment trusts (REITs) that maintain large portfolios of residential properties.

"Our goal from day one has been to create a rock-solid infrastructure that enables the smooth transfer of data and funds between all the entities that are involved in our clients' payment transactions. The unqualified SAS 70 audit opinion validates our approach on all levels," said Ryan Gilbert, CEO, PropertyBridge. "SAS 70 is the gold standard for compliance, and being certified at the highest level is a tribute to our team of payments and technology specialists, and our financial services partners."

"PropertyBridge is committed to our clients as they address the Sarbanes-Oxley Act and the requirements of regulatory compliance. We will strictly adhere to and improve on our compliant and documented processes," said Clark Huang, Vice President, Payment Services, PropertyBridge.

PropertyBridge works closely with each of its multifamily industry clients to ensure that they offer a secure and compliant environment in which to collect rent and other lease-related payments from residents. This supports regulatory requirements while also streamlining key business processes within the real estate firm.

Type II SAS 70 audit reports cover the policies, procedures and controls in place at an organization over a minimum of six months. In contrast, the more limited Type I report only details the controls in place at a single point in time, and includes an auditor's assessment that is limited to whether the controls in operation were suitably designed.

SAS 70 is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA) and is identified in Section 404 of the Sarbanes-Oxley Act to assist public companies reliant on service organizations for functions related to financial reporting. A SAS 70 report focuses on a service organization's control activities -- including management of I.T. and related processes.

About PropertyBridge, Inc.

PropertyBridge ( is the leading provider of automated payment processing services to real estate owners and managers. The PropertyBridge Payments Platform enables residents to pay rent and other lease-related transactions using an array of payment types, including credit and debit cards, Automated Clearing House (ACH), check scanning (Check 21/ARC), cash payment services, online bank bill payment, person-to-person payment and lockbox services. PropertyBridge provides management firms with a previously unattainable level of integration and administrative efficiency in key areas of their business. The company collaborates extensively with financial services leaders including Visa USA, MasterCard, Discover Financial Services, American Express, Wells Fargo Bank, First National Bank of Omaha and Western Union.

Contact Information

  • Contacts
    Peter Mansfield
    Vice President of Marketing, PropertyBridge
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