Automated Secure File Changes
The companies that provide bank technology are developing ways for bank customers to securely automate the process of exchanging data without using dedicated modems, TTY transfer or physical exchange of electronic storage media.
AP Technology, a company that offers MICR check printing and positive pay solutions, announced a product that allows business customers to exchange files with their banks’ by setting up a schedule to automatically send certain data back and forth to the bank’s web site. The system uses software that resides with the business bank customer so the bank does not invest in additional technology. It allows periodic exchange of information, such as checking account information, account reconciliation updates, automated clearing house data, wire transfers, positive pay data and other financial data. The system can be set to check a bank’s site periodically for updates on needed data or it can be set to check for specific events such as inbound wire transfers. It also can be set so a user can drag and drop a file onto a configured bank profile portal on a desktop to exchange needed information without the user having to log onto the website.
AP Technology says the system has built-in security because data transfers use the same encryption measures as the bank’s website. Transfers take place through the bank’s Internet information reporting site.
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 10, 12/04
First published on 12/01/2004