ICICI Securities was looking to improve efficiency and effectiveness by reducing its reliance on manual data transfer processes. As the firm has a large data processing infrastructure that handles high volumes of highly confidential data, it needed a secure file transfer solution that is: scalable – an MFT platform that grows with the company; secure – encryption and data security at all stages; and trusted – a secure file transfer solution recognised and trusted in the financial industry.
SYSTECH implemented enterprise-class managed file transfer solution for ICICI Securities and ICICI Bank, wherein they can connect and securely transfer large size files within the organisation and to their partners and associates.
Headquartered in Mumbai, ICICI Securities operates out of over 75 cities and towns in India, and global offices in Singapore and New York.
The challenge included supporting key business processes and find data transfer efficiencies with automation and secure file transfer. ICICI Securities exchanges data with both internal and external entities. Various teams and departments within the organisation consume the data for their business processes like customer acquisition, KYC formalities, sales and operations. Before deploying Enhanced File Transfer (EFT), most of these teams and departments had dedicated resources for managing files and data.
They had to manually upload/download data and manually keep track of the files. These manual processes not only consumed a lot of resources, but also increased the possibility of errors. Significant time was lost doing manual reconciliation of information to ensure accuracy. Given the large data processing infrastructure needed to support its business processes, ICICI Securities looked for a secure file transfer solution that met the following requirements:
- Scalability: With customer acquisitions growing every year, the firm needed a solution which can support the growth in document exchange volume between various entities.
- Security: ICICI Securities not only wanted data to be transferred on secured channels, but also wanted data to be encrypted during exchange.
- Industry expertise: ICICI Securities wanted to work with a company that was recognised and trusted in the financial services industry; therefore, it chose Systech Technocraft Services, a valued master partner of Globalscape, Inc.
“We chose Globalscape over the others for its exhaustive functionality, ease of implementation and maintenance,and of course the affordable cost of the solution. Systech Technocraft Services has capable team of engineers who can supply, install, configure and provide after-sales support for Globalscape MFT solutions,” said Yagnesh Parikh, CTO.
ICICI Securities chose EFT Enterprise to implement a powerful managed file transfer platform that provides security at all stages, including data in transit and data a rest. By using EFT’s Automation Engine, ICICI Securities was able to easily automate complex workflows to replace manual intervention. The client also employed EFT’s Auditing and Reporting Module (ARM) to provide advanced tracking and reporting capabilities.