NEWS RELEASE
PropertyBridge Maintains Level 1 Compliance with Payment Card Industry (PCI) Data Security Standard
Comprehensive Audit Confirms Company’s Commitment to Providing the Highest Level of Data Security for its Electronic Payment Processing Solutions
OAKLAND, CA - June 12, 2007 - PropertyBridge, Inc., the leading payment services provider in the multifamily industry, today announced that it has been audited as compliant with the exacting and far-reaching Payment Card Industry (PCI) Standard for the second consecutive year. PropertyBridge is the first and only payments processor within the multifamily and property management industries to achieve two years of PCI Level 1 compliance.
Endorsed by payment card organizations including Visa and MasterCard International, the PCI Data Security Standard regulates the security and business processes of service providers that store, process or transmit consumer credit card data.
Implementing Level 1 PCI practices within the multifamily housing industry significantly reduces the risk, fraud and potential consumer data security breaches faced by property management offices.
“Maintaining the highest standards of compliance is a key element of our business operations,” stated PropertyBridge CEO Ryan Gilbert. “Our payment solutions are built around strict adherence to industry standards. This provides our clients with peace of mind and system integrity.”
Security Metrics (Orem, Utah), issued a Report on Compliance including PropertyBridge as a ‘Level 1 Payment Gateway Service Provider,’ — the highest level of PCI compliance. This certifies PropertyBridge to process in excess of 1,000,000 transactions annually.
In addition to compliance with the Payment Card Industry Data Security Standard, PropertyBridge satisfies the requirements of Visa U.S.A.’s Cardholder Information Security Program (CISP), and is included on Visa’s ‘List of Compliant Service Providers.’ The List, located at www.visa.com/cisp acknowledges those service providers that have met the rigorous security requirements of Visa CISP.
About PropertyBridge, Inc.
PropertyBridge, a MoneyGram Company, is the leading electronic payments processor for property managers and real estate owners in the multifamily housing industry. The PropertyBridge Payments Platform enables residents to pay rent and other lease-related transactions using multiple payment types, including credit and debit cards, Automated Clearing House (ACH), check scanning (Check 21) and cash payments at more than 30,000 MoneyGram agent locations. PropertyBridge’s rent payment solutions are fully integrated with the accounting systems and business processes of property management firms. Residents can pay rent online, by phone or in person and set up recurring payments. The company collaborates extensively with financial services leaders including Visa USA, MasterCard, Discover Financial Services, American Express, Wells Fargo Bank and First National Bank of Omaha. MoneyGram, Inc. acquired PropertyBridge in October 2007.
Contacts
Peter Mansfield
Vice President of Marketing
pmansfield@moneygram.com
