SOC 2 · Fintech & Payments
SOC 2 for Fintech & Payments
SOC 2 is the minimum bar to sell fintech infra to banks, brokers, and enterprise buyers.
Why this matters
Bank procurement teams treat SOC 2 Type 2 as a hard gate.
Fintech buyers layer SOC 2 on top of PCI-DSS and state licensing.
SOC 2 controls map cleanly to money-movement risk if scoped correctly.
Typical timeline
10–14 weeks to Type 1. Bank buyers usually require Type 2.
Typical cost
$35k–$80k for fintech given expanded scope (production data + money movement).
What bites hardest in Fintech & Payments
Frequently asked
SOC 2 or PCI-DSS first for a payments fintech?
If you handle cardholder data, PCI-DSS is non-negotiable. If your buyers are enterprises or banks, SOC 2 unblocks revenue. Most fintechs pursue both in parallel.
Does SOC 2 satisfy bank third-party risk teams?
Usually, but only Type 2 with the Availability and Confidentiality criteria added. Many banks also send their own 80–200 question SIG.
Do I need Type 1 or Type 2?
Type 1 proves your controls are designed correctly at a point in time. Type 2 proves they operated effectively over a window — usually 6–12 months. Most enterprise buyers require Type 2, but Type 1 unblocks early deals.
How long does SOC 2 take for a small team?
A prepared 20-person SaaS company can be Type 1 ready in 8–12 weeks. Type 2 adds the observation window.
SOC 2 or PCI first?
If you handle cardholder data — PCI is non-negotiable. If your buyers are enterprises — SOC 2 unblocks revenue. Most fintechs pursue both in parallel.
Does Scarlet Risk replace a specialized AML vendor?
For SMB-scale operations, it covers the governance and diligence layer. For high-volume transaction monitoring you'll want a specialized vendor alongside Scarlet Risk.
Ready to shortcut SOC 2 for Fintech & Payments?
Scarlet Comply and our on-demand reports collapse months of prep into hours.
Framework
SOC 2 (Service Organization Control 2)
The trust report enterprise buyers ask for before they sign.
Industry
Fintech & Payments
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