Managed File Transfer for Financial Services

A bank's electronic connections with their corporate customers and partners play a powerful role in determining their competitive differentiation and cost structure.

But many teams are held back by decades-old file transfer systems that consume between 60 and 80 percent of nondiscretionary spending, making it difficult to reliably connect to clients and rapidly deliver new services, hurting customer service and costs. High support and maintenance costs of current file transfer systems take valuable resources away from other areas within the company. Proprietary technology is inflexible and requires some institutions to utilize and stay with a single vendor.

To securely transfer payroll data, payments and foreign exchange orders leading banks are turning to a platform-based approach to simplify the data transmission process and enable faster delivery of customer services.

The Inovis MFT Platform helps banks and insurance providers securely transfer files inside and outside the organization.

In addition to compliance risk, managing exceptions can be costly. With costs to manage exceptions at $7.50 per error, banks can realize a $4 million savings for each one percent improvement in straight-through-processing (STP) rates.