On a scale of 1-10, how would you rate the efficiency of your file transfers right now?
If you use manual scripts, legacy software, or a myriad of free tools to balance your encryption, automation, cybersecurity, reporting, and collaboration needs, it’s possible you’ll rate your efficiency low on the scale. After all, professionals in banking and finance have a lot to worry about. From expanding member needs (like deposit flexibility, fast loan approval, member-to-member money transfers, after-hour support, same-day fund access, a responsive mobile app, etc.) to aggressive cyber attacks strategies and evolving modern technologies, it can be difficult to find the resources needed to create better file transfers.
If you feel overwhelmed, we have good news. All of those worries are interconnected. Setting aside time to find a secure solution for your file transfer needs will, in turn, benefit your members and trading partners, protect your files from outside threats, and keep you current with today’s cybersecurity strategies and compliance requirements.
Why moving to secure file transfers is the right choice
Banks and financial organizations are starting to implement a managed file transfer (MFT) solution in their organization to address serious cybersecurity concerns.
Why do they trust MFT software? Protecting member data and meeting strict compliance requirements is of the utmost importance, and MFT can help through features like:
- Secure, automated batch file transfers
- Encrypted connections to trading partners, both on-premises and in the cloud
- File encryption (e.g. OpenPGP) for compliance with PCI DSS, SOX, GLBA, etc.
- Easy auditing for tracking file movements and detecting transfer errors
3 financial institutions that meet key initiatives with MFT
Your peers use managed file transfer software for its centralized control of their file transfers, users, audit logs, reports, trading partners, cloud integrations, and security settings.
But how? How do they apply an MFT solution like GoAnywhere MFT in their organization to dismantle file transfer roadblocks and tackle cybersecurity concerns? Use three financial institutions’ real-life use cases of MFT to explore how MFT helps banks solve their needs.
Organization #1: Think Mutual Bank
Before MFT, Think Mutual Bank relied on manual file transfers to get banking data to and from their MS SQL system. This process took a lot of time and frustrated the IT staff. They knew there needed to be a better way to process file transfers while also staying compliant with strict PCI DSS requirements.
The solution they had in house already gave them some minor FTP functionality, but it just wasn’t robust enough to meet the IT team’s growing needs or keep up with their organization’s daily volume of file transfers. They looked at other solutions too, but many of the options on the market required coding to get the software up and running.
In the end, Think Mutual Bank chose GoAnywhere MFT for their ease of implementation (no coding experience necessary), attentive support staff, and selection of secure file transfer protocols like SFTP, FTPS, AS2, and HTTPS.
"Most of the other solutions out there do one or two things, but not the whole package – that’s the reason we went with the GoAnywhere product," said Think Mutual Bank’s Lead Systems Administrator. "It really met all of our specific needs, with the database conversion, the database push and the secure FTP."
Organization #2: Credit Union Service
This North American credit union uses a managed file transfer solution to remain compliant with PCI DSS rules for file transfers and exchange sensitive data with their trading partners.
When new files are available from a partner, the credit union has GoAnywhere MFT collect the partner data and securely transfer it to an internal directory in their system. Then a RESTful Web API, provided by GoAnywhere and connected to a third-party application, triggers their automation platform to process the uploaded banking documents.
Give it a Try: Did you know GoAnywhere MFT can automate your bank’s workflows and processes? Watch this webinar to see the Advanced Workflows module in action or get inspired with 30 ways to use its comprehensive project capabilities.
Organization #3: Alliant Credit Union
Alliant Credit Union is member-owned institution in Illinois. They process over 500 file transfers a week and need to meet the expectations of their members, their trading partners, their cybersecurity team, and local and federal compliance standards. It’s a lot to worry about, and their original file transfer methods—manual scripts and a collection of subpar legacy tools—only added to the headache.
When they outgrew their current mashup of solutions, Alliant Credit Union looked for file transfer software from a trusted vendor that could meet their initiatives and business processes quickly, efficiently, and affordably. They chose GoAnywhere MFT.
The transition was painless. Alliant Credit Union implemented GoAnywhere and used it to create secure encrypted connections between servers, integrate with their enterprise scheduler for seamless business operation, and even support automated file transfers and workflows on systems throughout their enterprise with GoAnywhere’s remote MFT Agents.
GoAnywhere MFT allowed Alliant Credit Union to cut their transfer process down significantly. "I can’t even begin to say how much time and money GoAnywhere has saved us each month," said Alliant Credit Union’s Computer Operations Supervisor. "Automating your transfers, databases, and CSV files is an enormous cost saver."
You can achieve IT initiatives with an MFT solution too
GoAnywhere supports these organizations, and many others, in their quest for streamlined file transfer practices, satisfied compliance requirements, and data that’s encrypted and protected no matter where it resides. The best part? You can benefit from MFT software too!
It’s quick and effortless to download a trial of GoAnywhere MFT, and even easier to implement. Just fill out this form to get started with your free 30-day trial.