Secure Internet-based Communications for Financial Institutions

The goal of achieving efficient, secure data communications and trading partner management can seem road-blocked with the high cost and complexity of many products on the market. Achieving this goal is essential to remain competitive in today's marketplace. Cleo's VersaLex solutions combine powerful, industry-leading communications technology with ease-of-use, reliability, automation, and easy integration so that Financial Institutions can establish a secure, efficient transactional network with banking partners and regional offices.

Consolidate Communications and Secure Transactions

Financial Institutions are finding that current data transfer methods are often inefficient and slow in handling the multitude of data transfers required daily. File transfer challenges are further complicated because often, trading partners have vastly different file transfer protocol requirements. Financial Institutions must ensure that the data transfer is secure and efficient. Cleo VersaLex leverages certified interoperable, secure, Internet-based communication protocols to transfer information quickly. A move to secure Internet communications can result in substantial cost-savings while improving the flow of information, thus optimizing trading partner relationships. Financial Institutions rely on secure data transfer software and services from Cleo Communications to help them achieve automated solutions. Cleo's solutions enable users to establish and manage communications sessions, and integrate these solutions within their mission-critical applications.

Beyond FTP

Financial EDI and other financial data, by its nature, is confidential and must be kept secure while in transit. Simple email or FTP is not a good business practice as it leaves this information at risk for others to view. FTP/S and FTP/PGP are common standards that meet the security
needs of many companies. Cleo supports native FTP/S and FTP/PGP, allowing financial institutions to take a realistic, logical approach towards secure communications to consolidate and manage disparate trading partner communication requirements within one product. Despite challenges with FTP/S and FTP/PGP, such as lack of “non-repudiation” (see explanation below) and lack of interoperablility, Cleo supports FTP/S and FTP/PGP when required and offers newer, interoperable security methods and protocols, whenever possible.

Interoperable Communications

Over the past few years, multiple standards have emerged based on varied protocols and security approaches. Solutions in this market are evolving based on the emerging standards. Interoperability provides the flexibility for each party to use any certified solution that is best suited for their needs, while knowing that the solutions will communicate with one another successfully. The Drummond Group certifies communications products for security and interoperability. AS2, AS3, and ebXML Messaging Service (ebMS) are all protocols certified under the Drummond program. Cleo also supports FTP, FTP/S, OFTP, SSH FTP, FTP/PGP , IBM® WebSphere® MQ, SMTP, HTTP, and HTTP/S connections. All are viable choices, however, many financial companies maintain a heavy investment in FTP scripting and therefore find AS3 an attractive choice that allows them to leverage these existing scripts. For more information: read more about AS3.

How does the security level differ between FTP/S and certified Interoperable protocols?
In addition to being tested, certified protocols, AS2, AS3 and ebMS offer the advanced level of security and reliability required for organizations dealing with sensitive information. They address the four universally recognized requirements for securing an Internet document exchange referred to by the acronym “PAIN.”

• Privacy is achieved through the encryption of the message.
• Authentication is achieved through the exchange of digital certificates to verify the identity of the sender and receiver.
• Integritythrough the use of a digital signature ensures the data has not been tampered with.
• Non-repudiation: Acknowledgements or receipts provide a legal way to verify that the sender did receive the message. The sender can request a digital signature along with the acknowledgement, ensuring the identity of the recipient. In AS2 these receipts are called Message Disposition Notifications (MDNs). The combination of an acknowledgement and digital signature provides a high level of security and verification known as “Non-repudiation. Non-repudiation is a key differentiator that separates AS2, AS3, and ebMS from FTP/S.

Any Data
There is no restriction on what file types or data can be exchanged. Common files include XML, EDI, Binary files, Spreadsheets, as well as Proprietary files. Use VersaLex to transfer:

• Customer Transactions
• Payroll Data
• Securities Settlement Data
• ACH Data
• Cash Management
• Mortgage Processing
• XML Files or Financial EDI
• And more

Scalable, Easy, and Automated
VersaLex allows Financial Institutions to start with a few connections, and easily add more as their network and requirements grow. The software is intuitive and easy to use. Many choose to fully automate data exchanges using the integrated scheduler. For those with Financial EDI requirements, VersaLex integrates with all the major EDI translators to create a streamlined solution.

Many Requirements, One Solution
VersaLex is a multi-protocol solution allowing Financial Institutions to communicate using different methods, per each requirement. VersaLex is Drummond certified for AS2, AS3, and ebXML Messaging Service (ebMS, HL7, CDC-PHIN, STAR) and also offers connections via FTP, FTP/S, OFTP, SSH FTP, FTP/PGP , MQ Series ®, SMTP, HTTP, and HTTP/S for full flexibility and scalability.

Cleo products can also assist financial institutions to comply with the emerging and existing regulatory requirements, standards, and protocols related to privacy, security, auditing, and risk management. For more information on compliance, click here.

Sized Right
For a larger network or high-volume transfers, choose our server solution, VersaLex Trader. For one to ten connections and a moderate volume, LexiCom is an economical client software.

Leverage Cleo's Experience
The VersaLex products are proven in thousands of installations worldwide. Cleo understands the complexities of constantly evolving protocol standards, encryption, and digital certificates. To learn more, please contact Cleo Sales. Cleo can recommend and implement a solution and strategy that will ensure your success with secure communications. Want hands-on information? Download a free 30-day trial of LexiCom.

Download the White Paper, "Secure Internet Communications: A new Approach to Legacy Systems for Financial Institiutions."

 

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