In my role as CIO at Proginet I get involved in many of our customer deployments. Recently I have seen a trend in the Banking industry that has caused more and more banks and financial institutions to reassess what they are currently using for file transfer. Let me first set the scene. The volume of file transfers have increased on a daily basis over the past several years because of technology advancements in all aspects of the banking industry. For example, check processing used to be a combination of paper and electronic process. With the Check 21 Act now images of the checks are created when the check is first received and these images must be shared with a number of parties to process the check. The result is that the size and volume of files has increased significantly.
Check processing is only one business application for managed file transer. Other applications include credit card processing, lock box processing, securities processing and error processing and reconcilement. Add to this a significant number of mergers and acquisitions as a result of the credit crisis, the data transfer volumes are at all time highs. The issue is banks have older technologies dealing with their file transfers and these systems are not appropriate in today’s environment. What I have found is most banks can significantly reduce costs and improve service levels by deploying a single managed file transfer suite that can address all the file transfer needs of the organization and can be controlled through a central management facility. This enables them to improve overall service levels while at the same time reducing expenses.
As an IT leader in a financial institution, does this address some of your current concerns? What else comes to the surface on a daily basis?
-Kevin
About:
Kevin Bohan is CIO at Proginet and a veteran in the MFT space, with over 20 years experience in international MFT best practices.
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Tags: bank, banking, check 21 act, checks, credit card, file size, file transfer, financial, financial institution, managed file transfer
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