Nelnet's Velocity System Maintains Effective Security Controls According to Recent SOC 1® and 2(SM) Reports for New Loan System
LINCOLN, Neb., July 23, 2021 /PRNewswire/ -- Nelnet Diversified Services (NDS), an experienced and trusted partner offering premier professional services and flexible, innovative technology solutions, announced that it completed System and Organization Controls (SOC) 1® and 2SM examinations by independent auditor BARR Advisory, P.A. The SOC 1® and 2SM achievements demonstrate NDS maintained effective internal controls over the design and operating effectiveness of its Nelnet Velocity™ system relevant to financial reporting, security, availability, and processing integrity.
In response to the rapidly changing needs of the financial services industry and its customers, Nelnet has developed the Velocity platform as the next-gen platform for loan application processing and servicing. Velocity is the modern, secure, and flexible financial services technology platform built on an API-first, cloud, and microservices infrastructure designed to put clients and customers first, prioritizing flexibility and the customer experience. Velocity empowers clients with the technology needed to thrive in the digital age.
Ever-increasing stress to mitigate the risk over financial auditing and controls is why financial service organizations demand that vendors like NDS prove their compliance status and are independently confirmed to have compliance safeguards that function effectively. Organizations utilize SOC attestation reports to verify that vendor systems can deal with the high-risk operations of their business. A SOC 1® report is designed to provide assurances about the effectiveness of controls over the completeness and accuracy of financial transactions and financial statement reporting. A SOC 2SM report provides assurances about the effectiveness of controls related to security, availability, and processing integrity.
"We hope this achievement further exemplifies Nelnet's commitment to delivering a high quality, secure experience to our clients," said Brent Fausett, Managing Director of Consumer Services Technology. "Developed to provide our clients with an advanced loan origination and servicing solution, Velocity allows our clients to compete and excel in the digital marketplace. The completion and certification of SOC 1® and 2SM examinations further proves Velocity's industry-leading privacy, confidentiality, process integrity, availability, and security capabilities."
Current and prospective customers interested in a copy of our SOC 1® and 2SM report may contact Rachel Bertrand-Pultz, Director of External Audit, at Rachel.Bertrand-Pultz@nelnet.net.
About Nelnet and Nelnet Diversified Services: Nelnet, Inc. (NYSE: NNI) is a technology company, idea incubator, start-up accelerator, and education expert. For over 40 years, Nelnet has combined great people, effective processes, and reliable technology to serve our customers and make dreams possible.
A diverse company headquartered in Lincoln, Nebraska, Nelnet's largest operating segment, Nelnet Diversified Services, provides advanced technology and intuitive services for all types of clients—banks and credit unions, online lenders, fintechs, state agencies, and non-profits—enabling them to have the freedom, flexibility, and confidence to best serve their customers.
About BARR Advisory: BARR Advisory is a cloud-based security and compliance solutions provider specializing in cybersecurity and compliance for Software as a Service (SaaS) companies. A trusted advisor to some of the fastest-growing cloud-based organizations around the globe, BARR simplifies compliance across multiple regulatory and customer requirements in highly regulated industries, including technology, financial services, healthcare, and government.
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