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.
(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.
Financial Technology Insights: Temenos Unleashes On-Premises GenAI for Banking with NVIDIA
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.”
Financial Technology Insights: Paxos to Acquire Finnish E-Money Institution Membrane Finance
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.
Financial Technology Insights: SBI Digital Markets, UBS, Chainlink Complete Pilot for Smart Contract Fund Admin
WireBarley currently offers individual and business remittance services in seven sending countries and regions, including South Korea, the United States, Canada, Australia, New Zealand, Hong Kong SAR, and Vietnam, with transfers available to 46 countries worldwide.
WireBarley Corp.
Founded in 2016, WireBarley Corp. has rapidly expanded, establishing a strong presence across the Asia-Pacific region. As the first Korean overseas remittance company to enter the U.S. and Canadian markets, WireBarley continues to solidify its position as a global fintech leader. Headquartered in South Korea, WireBarley operates multiple subsidiaries worldwide, including in Australia, New Zealand, Singapore, Hong Kong SAR, and the U.S. WireBarley’s FX and corporate treasury center in Hong Kong, which is one of the largest FX trading hubs in the world, plays a crucial role in enabling effective FX management and strong compliance practicality and formulating strategic partnerships with critical banks and payment player. With 7 outbound and 46 inbound countries, WireBarley currently facilitates over 520 remittance corridors and serves 1 million customers, with its mobile app reaching 2 million downloads. Expanding beyond remittances, the company has integrated B2B remittance platform, e-wallet services, and multi-currency cards, aiming to transform into a comprehensive global payment platform and establish itself as Asia’s foremost remittance provider.
To share your insights with the FinTech Newsroom, please write to us at sudipto@intentamplify.com
