FTS to help a NY Bank cut headcount by 50 pc

ATLANTA: Inovis, a provider of B2B integration software and services, has announced that one of the world’s largest commercial banks has selected Inovis Managed File Transfer (MFT) software to manage their global file transfer services. The bank will deploy Inovis MFT to safely exchange more than 60,000 data files a day with 20,000 customers and partners, resulting in shorter partner setup times, reduced staffing costs and improved regulatory compliance.

“Banks and insurance providers are facing incredible challenges today, balancing new compliance rules, day-to-day competition and aging technology systems,” said Sean Feeney, president and CEO of Inovis. “We’re excited to help these groups gear up for a post-recession environment and simplify their file transfer platforms.”

A press release tells that the bank, a leading asset management and services company, is based in New York and has more than $20 trillion in assets under custody or administration and more than $1 trillion under management across its asset management, treasury services and advisory services groups. The bank’s file transmission team is responsible for securely exchanging electronic depository receipts, reports and other data files between corporate clients and internal business applications. During this process, the team works with corporate clients to certify new connections, migrate them into production and monitor the security and performance of day-to-day file transfers.

Prior to selecting Inovis, the bank faced three main challenges with its existing file transfer systems. First, they were difficult to maintain, requiring custom scripts and extra staffing. Second, the systems did not provide enough transaction visibility and governance to support compliance rules relating to the Troubled Asset Relief Program (TARP) and Sarbanes-Oxley (SOX). And, the partner onboarding process was too slow, taking up to eight weeks to setup a new commercial customer, delaying revenue from fee-based services.  

The bank chose Inovis to consolidate multiple systems into one, providing a single, global shared-service to track and manage file movement across all divisions.

The bank’s file transmission team expects the following benefits from using Inovis MFT: About 50 per cent lower headcount by using centralized management consoles, self-service web access and simpler software configuration; faster partner setup, reducing the time to setup partners from two months to one week, speeding the flow of revenue from fee-based services; improved compliance with regulatory requirements, including TARP and SOX.

The bank also uses other Inovis products and services to manage their ACH Payment transmissions, including Inovis’ communications network (Inovisworks) and data translation software (TrustedLink).