Transact has been busy both domestically and abroad, headlined by an expanded workforce at its Chennai, India location and the recent completion of its annual PCI compliance assessments.
Transact team in Chennai, India grows to 70 personnel
Campus transaction and payment solutions provider, Transact, has added to its team in Chennai, India bringing the total staff to 70 professionals. Transact’s Chennai location opened in 2019 and sits on the footstep of Chennai’s IT highway, serving as the company’s IT product development hub.
The staff of 70 IT professionals are located in the 8,000-square foot Chennai office. The office is comprised of teams that include a range of junior and senior roles across product development, implementation services, central IT, marketing, sales operations, and HR.
The development team made up of software engineers, QA specialists, development managers works closely with their global counterparts to collaborate on innovative development.
“The exceptional talent pool here in Chennai made it easy to add people with diverse, technical skills and create an incredibly strong hub for IT product development,” says Srinivasagopal Raman, general manager and site leader of Transact Chennai. “With Transact locations around the globe, we are truly able to innovate around the clock. For those of us with a growth and development mindset, it is very fulfilling.”
Transact processes nearly $50 billion in annual education-related payments each year and serves more than 1,300 educational institutions representing 12 million students. The copmany’s software services include tuition and fee bill presentment and payment, student payment plans, and point-of-sale transactions for both on- and off-campus.
Transact completes annual PCI assessments
Transact has also successfully completed its annual SOC 2 Type 2 examination, PCI DSS assessment, and penetration tests. As a best practice, the company regularly tests the effectiveness of the various security measures through a combination of automated scanning systems and penetration tests.
The assessments consist of:
- Transact’s SOC 2 Type 2 examination covered the company’s cloud-hosted products’ related to the AICPA Trust Services Criteria for Security, Confidentiality and Availability. This examination provides assurance that controls were designed and placed into operation over a period of time.
- The PCI DSS assessment covered the company’s procedures for managing payment card information for its Payments and TS SaaS products.
- Penetration testing evaluated the performance of the company’s cybersecurity controls for those same products in a real-world scenario.
“These achievements reflect Transact’s commitment to data security, while giving them a competitive edge in their industry,” says Danielle Kucera, Co-Founder and Quality Director, 360 Advanced, Inc., the third-party auditor. “Our integrated engagement not only allows Transact’s clients insight as to how Transact safeguards customer data, but also provides critical feedback regarding the operational effectiveness of controls.”
In addition, the company recently received its annual Attestation of Compliance (AoC) for the Payment Card Industry Data Security Standard (PCI DSS). The AoC, also completed by 360 Advanced, documented that Transact has upheld security best practices to protect cardholder data. The company has maintained full compliance with the PCI program since its creation in 2006.
“It is a point of pride that our technologies are compliant with all relevant regulations and that we go above and beyond industry requirements for data security,” says Brian Austin, Chief Technology Officer, Transact. “Our compliance and information security efforts include regular daily, weekly and annual testing to identify and address weaknesses and validate corrections.”
“We highly value the feedback we get from our auditors at 360 Advanced,” adds Austin. “Their strong technology backgrounds and focus on service providers help us raise the bar for our data security, confidentiality and availability practices.”
Transact is certified as a Level 1 Service Provider under both VISA Cardholder Information Security Program (CISP) and MasterCard Site Data Protection (SDP). The company also recently completed its Nacha ACH Rules Compliance Audit for safeguarding customers’ sensitive financial and non-financial data and ensuring ACH transactions are handled smoothly and securely.