Financial services organizations exchange a lot of financial and business information every single day. It’s no secret that exchanging financial information has become an integral part of daily business operations and the processes that depend on them.
Financial organizations that rely on frequent document exchange realize that the volume and breadth of information exchanged is increasing in today’s climate. Also the data consumed by enterprises is being shared by more systems and their respective business partners than ever before. The phenomenon of digitization within the realm of business is the leading cause of this unprecedented acceleration of growth in data. What does this mean for the financial services sector? Many face the difficult challenge of how to automate their file management process. An automated approach enables the processing of large sets of data, decreases operational processes, eliminates data entry errors, and improves the time to process transactions.
If financial organizations wish to stay ahead of the curve, they should be ready to manage document exchange quickly and more frequently to keep pace with the complexity of file formats and applications they support. Yet, there are still organizations that rely on out-dated methods and practices when it comes file management. And file processing. This poses a great risk which hampers an organization’s ability to swiftly adopt and respond to a rapidly changing business environment.
Consider these 3 situations that pose risk:
- There are times when a document needs to be exchanged immediately but it may not occur in time because a business may lack the visibility to understand the root cause of the problem.
- Financial services organizations process files on a regular basis. Imagine the financial implications should the files not get processed in a timely fashion. They could face steep penalties.
- Banking, securities, cards, merchant services, and investment management organizations have always been a subject of stringent regulatory changes if data transfer doesn’t happen accurately; it could lead to non-compliance issues.
Legacy file management versus what Prime offers
Some organizations leverage a variety of legacy file management solutions to manage their information exchange. When a variety of out-dated solutions are utilized, organizations often end up in trouble because they lack clear understanding of when the processing of a file will be complete, thus hampering the process flow. This lack of visibility is a major impediment that makes it hard to know where the problem lies and how to resolve it, as some legacy systems cannot integrate with other systems.
Many in the financial services sector struggle to extract data from external sources, transform it into normalized format and then migrate to a repository reliably. To this end, technology partners like Prime offer the perfect, modern solution to handle these processes. Prime’s FileBroker automated platform is designed to facilitate this across various domains within the financial services industry.
Furthermore, an automated solution is required when processing account position files, trade confirmations, open trades, transaction files, and multi-format settlement files. In the traditional world, processing such files often involves interacting with a variety of systems. These legacy file processing solutions generally lack data transfer, file management, scheduling, tracking, error-handling, and reporting and many automated capabilities. A modern file management system can eliminate the need for multiple legacy systems to accomplish these tasks. In contrast, Prime’s FileBroker modern platform can accommodate these functions seamlessly. In addition, the platform also acts as a centralized integration hub with any-to-any graphical data mapping.
The upside potential to adopting an automated file management EDI system can be great for financial services companies.
Key benefits summary of a modern file management platform
- Reduced cost
- Increased processing speed
- Reduced errors
- Processing of large sized files in short duration
- Improved relationships with business partners due to greater EDI efficiencies
A final word
To conclude, Prime’s FileBroker, a leading-edge file management tool, is deployed within many financial services organizations. It facilitates back-end processing services across various domains within financial services organizations such as banking, securities, cards, merchant services, and investment management. It is the ideal file management system that financial services organizations need to enhance business operations.
For more information on how to partner with Prime for your file management needs, contact us.