Globalscape EFT is the Ultimate Asset for Banking and Finance

For banking and financial institutions, protecting sensitive customer data and meeting compliance requirements is critical. 

From controlling the exchange of sensitive cardholder data, to tracking file movements for easy auditing, Globalscape EFT is a key solution for the banking and finance industry. 

What is Globalscape EFT? 

Globalscape EFT is an advanced and powerful secure managed file transfer (MFT) solution that works for banks, financial organizations, and business associates alike to streamline, encrypt, and automate crucial file transfers. 

Related Reading: What’s Lurking in the Financial Industry IT Shadows? 

How Does Globalscape Safeguard & Simplify File Transfers? 

Globalscape simplifies and secures file transfer operations, in transit and at rest, for those in banking and finance by doing the following: 

  • Complying with PCI DSS and other transfer requirements/regulations 
  • Translating and converting data to and from popular formats like EDI and XML 
  • Running on key platforms like Windows, IBM i, Mac OS, and Linux 
  • Supporting secure protocols like FTPS, SFTP, and HTTP(S) 
  • Encrypting data using FIPS 140-2 compliant AES and Triple DES algorithms 
  • Meeting popular encryption methods like Open PGP and Zip with AES 

Related Reading: 7 Ways to Supercharge Your PCI DSS Compliance Strategy with Managed File Transfer Software 

File Transfer for the Banking & Finance Industry 

Secure file transfer is utilized in the banking and finance industry on a daily basis to: 

  • Meet file transfer requirements for the following regulations and considerations: PCI DSS, GLBA, Basel III, SOX 404 and 409, Dodd-Frank Act, and Check 21 x 937 (image files). 
  • Control the exchange of sensitive cardholder data with the use of centralized controls, security settings, and reliable transmission protocols. 
  • Track file movements for easy auditing by recording and retaining logins, file transfer transactions, and any errors encountered. 
  • Reduce costs, streamline processes, and free up resources by allowing employees to disconnect from tedious business operations and spend time on more important projects. 

Watch the Webinar: Using MFT to Maintain PCI DSS Compliance 

Real Ways Globalscape Has Helped the Banking & Finance Industry 

Globalscape EFT has worked with many banking and financial organizations over the years to save time, money, and transfer sensitive cardholder data without error securely. 

Here are some examples of how Globalscape helps real banking and financial institutions improve the security of their customers’ private fiscal information. 

1. Randolph-Brooks Federal Credit Union  

When large credit union, Randolph-Brooks Federal Credit Union (RBFCU) sought an easier way to send sensitive files both inside the organization and externally to vendors, they enlisted the help of Globalscape EFT to replace their legacy file system and solve common issues.  

Along with executing transfers quickly and saving time, RBFCU saw an immediate improvement in transparency, control, and automation of the system.  

Globalscape’s EFT platform continues to be an integral part of RBFCU’s business process automation efforts.  

2. Mark Credit Information Services 

As India’s fastest growing credit bureau, High Mark Credit Information Services (High Mark) needs to securely exchange high volumes of files and data with financial institutions throughout India.  

When they needed to create a secure file exchange program with the scalability and security to meet the requirements (scalability, security, industry expertise, and cost) of its fast-growing business, they chose to work with Globalscape EFT.  

For High Mark, Globalscape offers them the best combination of features, cost, and ease of implementation. With Globalscape, they’re able to meet strict security and compliance standards, track and audit data transfers, and utilize EFT’s workflow capabilities.  

3. Renasant Bank  

Renasant Bank, a popular regional banking institution, was transferring hundreds of thousands of check images per week on disk by way of armored guard. This method was insecure, highly inefficient, and costly. The bank knew they had to find a way of transferring the check images electronically but of course, security was of utmost importance. 

With Globalscape EFT in place as their file transfer solution, Renasant Bank has successfully transferred its check images for several years with rarely any issues. Transfers to and from outside organizations are also now completely secure and absolutely no data is stored in the DMZ.  

Globalscape easily handles the volume of transfers required and continues to save Renasant Bank money, making it a strategic and cost-effective Tier 1 investment.  

4. Top US Financial Services Firm  

When a top US financial services firm already using EFT for on-premises data management tapped Globalscape for help with their cloud initiative.  

By using several existing modules from EFT’s robust product suite, Globalscape’s engineers were able to provide a manageable, simplified solution that:  

  • Improves cloud transfer security 
  • Improves operational efficiency 
  • Increases file transfer reliability 
  • Reduces costs during cloud exchanges 

The client sought Globalscape's assistance to address several security and operational concerns, as well. Globalscape's EFT platform helped address these pain points by: 

  • Minimizing exposure and meeting security requirements by limiting the number of ports used 
  • Encrypting data at rest 
  • Automating file exchanges and data backups 
  • Merging servers to improve security and manageability 

5. Global Payment Processing Firm 

A global payment processing organization was looking for a top-of-the-line managed file transfer (MFT) provider, with plans to embark on an MFT journey to alleviate and enhance their IT infrastructure. 

This payment processor decided to go Globalscape to organize their file transfer infrastructure into one centralized MFT solution built specifically for large enterprises. 

With the help of Globalscape EFT, this payment processing firm now has a secure file transfer portal, which can be safely accessed both externally and internally. Along with that, their service is reliable and always available, their data transfers are managed in a centralized platform, and they have vital protection for their critical files containing Personal Financial Information (PFI) and Personal Identifiable Information (PII).  

6. First National Bank of Long Island  

Security was the top priority for the First National Bank of Long Island (FNBLI), as their sensitive data includes PII, and they must comply with industry regulations to protect the data and meet customers’ expectations for privacy. 

After evaluating options, the FNBLI team selected Globalscape EFT. Globalscape EFT meets all of the bank’s requirements for security and automation.  

EFT also offers encryption and decryption of transfers, a range of security protocols, simplified file transfer automation, complete management and visibility of file transfer processes, and an optional DMZ proxy server for enhanced security.  

7. Global Financial Services Company  

A well-known global US based financial services company was lacking effective automation capabilities as their legacy file transfer solution couldn’t handle the required high volume of sensitive data transfers. The transfers were also often incomplete or slow to process.  

Through Globalscape EFT and its advanced system of automation, Event Rules, the financial services company gained a fully integrated MFT solution that saves time and reduces errors. This helps allow for the automated processing of more than 2 million files, improved reliability, and better security for their sensitive consumer and commercial business financial data.  

8. Financial Services Organization 

When a financial services organization failed to meet all PCI DSS compliance requirements, Globalscape EFT came to the rescue with the help of the Advanced Authentication Modes Module, Regulatory Compliance Module, and the DMZ Gateway.

After finalizing the security upgrades with the DMZ Gateway and Authentication Modes and Regulatory module, the client was extremely pleased with the outcome of up-to-date PCI DSS compliance and the peace-of-mind of knowing that all cardholder data was secured inside of their internal network and with only verified users able to access the data. 

The Bottom Line: Globalscape EFT is a Creditworthy Solution for Banking and Finance 

With a secure file transfer solution in place, banks and financial organizations can work more efficiently, securely, and comply with critical regulations. Start streamlining your transfers today with an automated and user-friendly solution like Globalscape EFT.