City National Bank (CNB) is headquartered in Miami, Florida, where it was founded in in 1946. It is the fifth-largest financial institution in the state with more than $5 billion in assets, 450 employees and 26 locations that range from Miami-Dade County to the greater Orlando area have helped City National Bank earn many awards and a 5-star “Superior” rating by Bauer Financial, the nation’s leading bank rating firm.
Reynold Philius, Technical Applications Manager in the information systems division of City National Bank, has a significant role in building and maintaining the bank’s outstanding reputation, including the transfer of files efficiently and securely. That is why he chose an Ipswitch MOVEit managed file transfer solution back in 2008
Prior to the arrival of MOVEit, the bank used several methodologies to transfer files - including FTP servers, desktop FTP clients and email - but the function had not yet been centralized. Further, these processes made it difficult to maintain the high service standards the bank delivers to its customers every day. “The Technical Services/Help Desk Team had one way of doing things,” explains Philius, “My group, the information Systems Team had another. And vendors and some larger clients required us to use their own solutions and protocols.”
Maintaining an Outstanding Reputation
The bank needed to coordinate and automate business critical processes that depended on the swift and secure movement of data throughout its IT infrastructure. “The majority of the information we transfer is account-level transactional information,” Philius says. “We also receive a slew of sensitive information relative to the lending process. Automating file transfers would be a key to improving efficiency, particularly for core banking system outputs that feed online banking, document imaging, fraud detection and centralized management reporting.”
Further Automation Needed to Enhance Service Levels
The IT team reviewed a variety of managed file transfer solutions and ranked them for their ability to:
MOVEit becomes an integral part of IT strategy In the end, City National Bank chose MOVEit software from Ipswitch. “MOVEit is an integral part of our strategy,” Philius points out. “It is being integrated into virtually every aspect of the bank’s day-to-day operations. Externally MOVEit exchanges data with CNB’s customers and vendors, and with business partners. Internally, it serves as a workflow engine to move data between disparate systems.”
- Centralize of all file transfer activities and implement standards for transmissions
- Simplify and standardize the overall file transfer process and eliminate departmental FTP solutions
- Eliminate email for sending sensitive data
- Enhance data protection for customers and business partners
- Improve the transfer process to deliver stronger SLAs
- Set the stage for a major process automation initiative
The bank’s Treasury Management team relies on MOVEit to provide customers with the information they need to manage working capital, payments, cash positioning and forecasting, along with fraud protection, business continuity, and risk management activities. Lenders use MOVEit’s ad hoc transfer capabilities to enable customers and potential customers to upload documents critical to the lending process.
Because MOVEit supports a wide range of protocols CNB can connect to virtually any system or client without too much effort. It enables the IT team apply enterprise security policies and take a more coordinated approach to automation.
“We were able to reduce costs by consolidating customer and business partner file transfers into a centralized environment with easy onboarding of customers and vendors,” says Philius. “MOVEit’s secure architecture was very appealing to us. With MOVEit DMZ located within our firewall and MOVEit Automation inside our network, the communication between the two is tunneled and secure.”
Central management saves money
The MOVEit suite of applications provides a host of security features designed to safeguard data from file creation to delivery. MOVEit streamlines and strictly controls central and DMZ access to these systems. And, it carries out automated transfers with guaranteed delivery.
Security and auditing strengthened
Encryption/decryption keys secure data both during transmission and storage, and the bank takes advantage of various secure protocols HTTPS, SFTP, FTPS. Integrity checking, non-repudiation, and integration to DLP/antivirus solutions from a variety of vendors are also important. Logs, canned reports and the ability to create custom reports have gone a long way to enhance compliance auditing.
“MOVEit provided the tools that enabled us to implement the security settings that met needs. And as our situation changes we can reconfigure those tools,” Philius says.
City National also successfully uses MOVEit to complete several audits each year to ensure regulatory compliance in all areas of its business. “The MOVEit implementation was a huge success,” he adds. “We most certainly exceeded our goals.”
“Exceeded our goals”