SOC 1 for Fintech & Payment Processors

If you move money or process transactions on behalf of others, your partners' auditors -- and often their regulators -- set your SOC 1 terms.

Fintechs face the Type 2

Payment processors, Banking-as-a-Service platforms, and transaction processors are the highest-scrutiny SOC 1 population: bank partners and enterprise customers typically require an annual Type 2, and your report is a sales asset as much as a compliance artifact.

Partner-driven scope

Banks and enterprise partners often impose requirements beyond the baseline: specific control objectives, report cadence, or additional testing. Map every partner’s contractual security exhibit before scoping -- the strictest one sets your program.

Multi-framework strategy

Fintechs almost always need SOC 2 alongside SOC 1 -- and frequently ISO 27001. A combined examination program with one firm (Schellman, A-LIGN, BARR Advisory, KirkpatrickPrice) shares evidence across frameworks and cuts total cost versus separate engagements.

Realistic costs

Fintech Type 2: $40K–100K+ planning estimate depending on transaction complexity and partner demands. Combined SOC 1 + SOC 2 programs: budget $75K–200K all-in for year one. See the cost guide.

Assessors that fit this vertical