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How Can Financial Organizations Securely Send Documents or Information?

 In Blog, Productivity, Security, Technology, Unified Communications, Voice

Finance is a high stakes industry where a person’s net worth can be tied to a single identification or account number. A modern document exchange platform that safely transfers files benefits customers by keeping information away from those who should not have it.


Let’s walk through the process a hypothetical customer, Drew, would go through while setting up his financial portfolio. Drew has already researched the types of investments he would like to make and has decided that it is in his best interest to have a local financial institution manage them for him.


1. The First Step

Drew makes his way to the office and meets with the company’s representative. Final decisions are made, and the only thing that’s left is to get all of the paperwork in order. Drew came prepared and the representative scans his documents to get them in their records. After a few signatures, Drew now has his money invested in the markets.


2. The Routing of Information

Drew’s information needs to be shared with a few members of the organization. With the strict industry regulations like SOX, GLBA, PCI DSS, and GDPR, exchanging customer information needs to be done using a safer method than email. The organization can’t risk information getting intercepted. Credit card information, social security numbers, and other personal information can be attached to financial transactions, so organizations must keep their customers at the top of mind.


Implementing a secure file exchange solution that utilizes a two-factor authentication helps facilitate a secure login process. This helps keep unauthorized users from downloading the content of the message, whether it be invading hackers or the wrong person by mistake.


3. Informing the Customer

The organization notifies their customers if a change should be made in their portfolios due to market fluctuations. Of course, this sort of action requires authorization from them. Drew receives an email from the financial organization and opens it to find that the content of the message is in a locked virtual space. After going through the two-factor authentication to access the information, he signs the document and uploads the new version to the message and sends it back to the representative.


4. Easy Record Keeping

Let’s imagine there’s a problem. Drew doesn’t respond fast enough to the finance agent’s authorization request for the change. As predicted, the market shifts and Drew loses out on the opportunity.


Furious, Drew calls the manager and complains that he wasn’t warned about the process and that this is a clear case of mismanagement. If the agent handling Drew’s account has kept proper records (both to protect the company’s reputation and comply with the finance industry regulations), they can prove that the message was sent well in advance of the deadline. With the right secure exchange solution, they can even prove that Drew opened the message, downloaded the document for his signature, but never uploaded the file to send it back.


An Application for Secure Document Exchange

Available in the Cloud or On-Premises, this fast and simple secure file transfer software, XM SendSecure, accommodates files up to 5TB and has in intuitive user interface. The application is as easy to use as email and does not require any software to download or user accounts to be set up for recipients.


Features include:

  • Customizable 2-factor authentication (2FA) for recipients (email, SMS, or phone call)
  • Ephemeral storage automatically deleted after a designated period of time
  • Encryption in transit and at rest
  • Automatic virus scanning


Contact us today to learn more about our secure file exchange platform for sensitive financial documents.




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