COVER FEATURE
Trusted Security Besides bank integration and automation , PayProp also offers nextlevel trusted security with best-in-class information security , compliance , and user checks and balances on the client trust account .
In 17 years , PayProp has processed more than R73.3 billion in trust money – and not once has the company been involved in any loss of trust funds . This is down to a number of factors , but one of the most important is the company ’ s partnership with leading banks in each of its territories .
1
Bank-grade Security
In SA , PayProp processes funds on behalf of rental agents with Absa , offering its clients bank-grade payment security .
2
Information Security
PayProp ensures that data is stored safely , backed up in multiple locations and encrypted at rest and when transferred – a necessity with the increase of cybercrime .
3
Trust Fund Security
In addition , PayProp ’ s client bank accounts are designated trust accounts in terms of Section 32 of the Estate Agency Affairs Act ( 112 of 1976 ) – meaning creditors do not have any right of offset against the funds contained in them . All trust accounts feature segregation of funds at multiple levels ( see It ’ s all a matter of trust ), are audited annually and checked for compliance by the real estate regulator .
4
Future Proof
As for keeping up with changing requirements , PayProp already meets the stringent upcoming requirements of operating as a ‘ payment processing agent ’ for estate agencies , as envisaged in Regulation 4.4 of the draft Property Practitioners Regulations of 2020 .
5
The Human Element
Another factor that plays a part in PayProp ’ s impeccable safety record are its strategies ( including two-factor authentication ) to stop any ‘ phishing ’ attempts by criminals who aim to exploit agency employees .
6
Checks & Balances
All banking transactions are made based on rules set by the agency client , which means no employee can manually make payment from the trust account into a non-approved beneficiary account without an indelible audit trail of what was done or attempted by whom and when . From start to finish , any action or transaction on the platform is recorded on a permanent audit log that can be used in court , should any money be diverted from its purpose by design or mistake . In addition , duties are split between teams so that no one employee can carry out a transaction from start to finish ( segregation of duties ), and bank account activity requires sign-off by two people .
14 NOV 2021 SA Real Estate Investor Magazine