Understanding file transfer needs in financial services
About 40% of the U.S. GDP is processed by Axway Managed File Transfer every day. Here are some critical secure file transfer requirements for financial institutions.
Financial institutions need watertight data security and encryption
From banks to credit unions, insurers, and fintechs, Fls handle some of customers' most sensitive personally identifiable information. Naturally, these service providers expect robust encryption, secure protocols (e.g., SFTP, HTTPS), and real-time monitoring. They are fighting the real, hourly threat of breaches and data theft.
Maintaining regulatory data compliance
In a highly regulated and closely watched industry like financial services, complete file transfer auditing, reporting, and alerting are essential. Real-time notification of technical or business-related issues that may impact your SLAs is important, especially when it comes to meeting regulatory governance requirements.
It's one of the reasons 3 out of 4 major credit card companies trust Axway.
Financial file data integration
From local credit unions to large retail banks, financial services providers need to be able to extend and adapt to their financial exchange requirements. These protocols aim to standardize and secure the way organizations send these types of files and data to each other.
SWIFT
The SWIFT protocol (Society for Worldwide Interbank Financial Telecommunication) is used globally by banks and financial institutions to securely transmit information and instructions in a standardized way. It's primarily used for international transactions and currency exchanges.
EBICS
The Electronic Banking Internet Communication Standard (EBICS) protocol is a widely adopted banking protocol across Europe, especially in Germany and France. It standardizes the sending and receiving of payments between customers and banks, and between banks and clearing/settlement mechanisms.
Secure file transfers in action
"Every year, around $9 trillion passes through Axway SecureTransport, and we feel honored to have played a part in shaping a system that so many businesses around the world rely on."
- U.S. Professional Services Firm
One U.S.-based professional services firm leverages managed file transfer to deliver mission-critical files to banking partners on time. Switching from SFTP to an MFT solution enabled the organization to augment the file transfer process with automation, reporting, and additional security capabilities.
Get uncompromising data security for file transfers with Axway MFT
Securing financial data is of utmost importance for file sharing among banks and financial institutions. Axway MFT offers API-enabled file sharing that protects sensitive data while ensuring compliance with changing regulations around the globe.
It's no wonder 6 in 10 of the world's largest banks rely on Axway.
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