Coviant Software is headed to the 2022 U.S. Fintech Symposium in Orlando, Florida, on May 3rd and 4th. At last year’s virtual event we presented the implications of quantum computing on encryption. Now that conferences and exhibitions are returning to in-person formats, we’re on our way to meet new people and make new friends.
Since our Diplomat MFT software is known for our no-code automation of secure and managed file transfer and encryption processes, a trade show built on security-conscious financial technology is a direct hit. You might think fintech is all about digital banking and cryptocurrencies, finance-as-a-service (FaaS), machine learning analytics, and buy-now-pay-later applications, right? Those are some new and edgy trends, and while all the innovation that is happening in fintech these days is exciting, everyone still needs a mature platform for exchanging files securely between these various applications. Diplomat MFT has been a critical part of the financial services technology value chain for years.
Fast, Accurate, Secure
One of the things that makes banking and buying in the modern era possible is the ease with which transactions can be executed. Instead of hard currencies and paper receipts being gathered and moved physically from place to place by courier, and then counted and reconciled by manual and semi-automatic processes, digits now move at the speed of light. It’s fast, accurate, and reliable. It has driven wonderful innovation that we enjoy today—and it has brought new complexities, threat vectors, and regulations along with it.
The more things change, the more they stay the same. Security remains a fundamental requirement for financial services, and in many cases armored trucks and armed guards have been replaced by managed file transfer software and encryption. That’s because organizations and their customers need to trust that when a digital rendering of their assets is moving from one place to another, it will be protected both en route and at rest. Whether it’s payroll, payment card data, or financial transfers, the digital files that represent those transactions must follow strict procedures dictated by numerous standards and regulations in addition to internal policies. And it has to be affirmed through meticulous documentation in the event of a security audit.
Those inherent security and reliability concerns aren’t the sexiest of topics when financial technologies are discussed, but those are the considerations for CIOs and CISOs when evaluating the solutions they want to invest in. And that is the bread-and-butter of managed file transfer. It’s why Coviant Software feels right at home at a place like the U.S. Fintech Symposium.
For nearly twenty years we’ve been a crucial part of driving those essential processes. Financial services institutions and organizations of every stripe—vendors, customers, and intermediaries—that are part of the journey of financial transactions rely on Diplomat MFT to safely and reliably complete and keep a record of their transactions. It has orchestrated the integration vital to the function of many popular fintech solutions.
Some of the use cases where Diplomat MFT is used to get sensitive financial data and information from Point A to Point B include:
- Moving accounting data in Blackline
- Complying with the transactional standards required by Citi Bank’s CitiConnect for treasury management, ERP, and other cash management systems
- Complying with Secure Transport file exchange standards required of JPMorgan customers and partners
- Supporting Bank of America’s B2Bi1 SFTP system for exchanging CashPro Connect payment files for ACH and wire transfers;
- Securing and automating payroll transactions with Paycom
- Automating and securing financial batch file transfers with Telpay
- Simplifying secure positive pay financial data management processes.
Security and Compliance
One of the biggest reasons Diplomat MFT is trusted to complete these highly sensitive file transfers is because we enable compliance with standards and regulations like the Payment Card Industry Digital Security Standard (PCI DSS), Fair and Accurate Credit Transactions Act (FACTA), the Gramm-Leach-Bliley Act (GLBA), Sarbanes-Oxley (SOX), California Consumer Privacy Act (CCPA), and even international laws like Privacy Shield, the UK’s Data Protection Act (DPA), and the European Union’s General Data Protection Regulation (GDPR).
If you are planning to attend the U.S. Fintech Symposium next month, I’d love the chance to talk about how Coviant Software can help you to securely and reliably complete your most sensitive financial transactions. If you can’t make it to Orlando for the conference, get in touch, or try Diplomat MFT for free for a few days and see what you think.