LendingTools.com (LT) provides transaction and settlement services for 75% of U.S. correspondent banks (financial institutions that lend money to other banks). The firm is the largest third-party provider of inter-bank transaction, reporting and settlement services outside the Federal Reserve.
LT’s Software as a Service (SaaS) platform is branded and customized to meet the needs of each correspondent institution. Hundreds of banks use the LT service daily, transferring files that represent billions of dollars in inter-bank transactions, as well as reports about those transactions. As a leading provider of inter-bank transaction and reporting services, LT needed a streamlined solution able to support its vast client base.
LendingTools uses MOVEit File Transfer to manage file transfers to client banks, regulators, and other financial institutions, providing the security, ﬂexibility and reliability required when transferring huge sums of money, as well as the ability to easily audit how those transfers take place. Its companion product MOVEit Central manages file transfers for the company’s internal operations (between development and testing, testing and production, production to disaster recovery, and other back office operations).
“MOVEit has fantastic ﬂexibility that allows us to manage, schedule and monitor a very large volume of file transfers from a central console that is understandable and easy to use,” says Matt Pankratz, Senior Systems Administrator at LendingTools.com. Using the MOVEit dashboard, Matt can invoke powerful file transfer workﬂows with a few clicks, by file name, file size, source, destination and many other criteria. With this simplified control, he and his LT colleagues have automated and now manage over 1,100 file transfer tasks, defining, executing and monitoring a wide variety of transfers between many different systems.
“MOVEit’s management and reporting capabilities are excellent,” Matt adds. “Organization-wide it’s allowed us to provide much better reporting for our customers. On the administration side, we know where to look for files, whether a transfer has gone through, and whether we have file transfer issues with a particular partner or customer. Having all these pieces in place has been a big win for us.” MOVEit integrates easily with LendingTools’ IBM mainframes, Windows and Unix systems, consolidating and managing file transfers for the company’s entire server infrastructure. “I’ve had a lot of experience in file transfer, and making those connections can be daunting when you’re trying to move large volumes and interface with many different systems.”
LendingTools chose MOVEit to replace and consolidate multiple file transfer platforms, including FTP products with limited security and functionality as well as an assortment of scripting tools they had built in-house. What was several scripts is all addressed as a single step using the MOVEit dashboard, while providing LT with the reliability, simplicity, and control needed to support its business.
“The ability to centralize and streamline all of this activity has been very important, and provides clear cost savings,” Matt observes. “MOVEit also gives our support staff a fast, reliable view into file moves in real time so they don’t have to track the information down later.” MOVEit’s authentication and authorization capabilities allow users to track file transfers for their own organization while keeping them isolated them from customers of other groups. “From a regulatory standpoint, that granular access control is very helpful.”
Another powerful feature is the ability to create customized reports for different customers about their file transfers, providing insights into business performance. “Being able to specify details and deliver reports to customers in the format they want has been a big advantage for us,” Matt adds.
As a financial services business, LendingTools is very highly regulated and subject to frequent audits. Thus they needed a file transfer solution that meets the stringent security and compliance requirements of the banking industry—and just as critically, allows them to easily prove it. Using the dashboard, Matt can provide the detailed information required for an audit with a few clicks. “Security and compliance are fundamental to our business, and MOVEit provides essential functions to meet those needs. For example, when an examiner requests examples of controls in place to meet the requirements of SSAE16 type 2, we can easily present them from the audit trail contained within MOVEit," says Matt.
“There’s one thing all our executives tell me about MOVEit: it always works,” Matt adds. Since file transfers are at the heart of LendingTools’ business, they need to be exceptionally reliable. MOVEit delivers, providing resilience on multiple levels to ensure that transfers are successful. MOVEit File Transfer is deployed in a load-balanced configuration that prevents bottlenecks that affect performance. If a connection is interrupted, automatic reconciliation and handshaking restores the connection and resumes the transfer where it left off. MOVEit Central is deployed in a failover configuration that replicates LT’s production data center to their remote disaster recovery site. All LendingTools files can be transferred using MOVEit as a single job, securely and reliably. As Matt explains, “We can take our entire configuration including all the hosts we connect to, all the file systems we utilize and all the rule sets we have set up, export it to our DR centers and have it running without disrupting our business operations."
Matt points out that LendingTools selected MOVEit after carefully evaluating a number of leading products. “We looked at other platforms that are familiar names within the financial services industry, but for our type of shop and the number of transfers we do daily, MOVEit was the obvious choice. We’ve actually recommended it to some of our own customers because we have found it so useful and reliable.”