Customer Details

Customer
Leading Financial Institution
Country
Indonesia
Industry
Financial Services

Implementation Partner

Partner
ITAsoft
How a Leading SEA Financial Authority Cut Monthly Reporting Time by 80% With Automated Data Transfer

A major Indonesian banking authority was submitting monthly financial reports to the country’s Financial Services Authority using spreadsheets, email, USB drives, and CDs. The process was vulnerable to data loss, lacked any end-to-end audit trail, and frequently missed SLAs. ITAsoft built a Data Transfer Process Automation System on Joget, integrated with Axway’s Managed File Transfer software, that fully secured and automated the reporting cycle. Delivered within four months, the system reduced the time to grant FSA access to reports by 80% and gave the authority complete visibility into every file transfer.

Challenges CHALLENGES

USB Drives & Spreadsheets, Manual Reporting

The monthly financial reporting and data transfer process used to be performed manually via spreadsheets, emails, and various physical storage devices such as flash drives and compact discs, which resulted in:

  • Vulnerable data security and potential data loss.

  • Oversight issues due to lack of visibility into the movement of files, and proof of deliveries.

  • Cumbersome version controls and change management logs resulting in inaccuracies and process breakdowns.

  • High volume of manual work resulting in inevitable human errors.

  • Frequent bottlenecks caused delays in the request and approval process for the Indonesia’s FSA.

  • Missed Service Level Agreements (SLAs) and deadlines for monthly financial report submissions.

  • Lack of data-based analytics and decision support system due to the unavailability of a single source of truth, unstructured data, and the right application.

"The application shortened the time required to grant Indonesia's FSA access to monthly financial reports by 80% — ensuring critical regulatory data is always accessible on time."

Solutions SOLUTIONS

Automated, Encrypted Data Transfer

A Data Transfer Process Automation System was built on the Joget platform and integrated with Axway’s Managed File Transfer (MFT) software. An ‘InterExchange Application’ was delivered to automate and secure the client’s monthly financial reporting and data transfer business process in a single ecosystem.

Within 4 months, a fully automated financial reporting & data transfer monitoring solution has been successfully delivered. The client can now securely and efficiently manage data exchange with the Indonesian Financial Service Authority (FSA), while meeting various compliance requirements.

Results RESULTS

80% Faster FSA Permissions

80%

Permission time cut

LESS

Human errors

ACCURATE

Data monitoring

Through integration with Axway Managed File Transfer (MFT) software, the application provides a range of security features to protect the confidentiality, integrity, and availability of financial reports shared by the client. These features include encryption and access controls

Automated processes free up the team to focus on other tasks.

Templatized forms, data lists, and various canned and customizable reports also reduce the likelihood of human errors, allowing the client to scale with lesser risk and fewer variables.

The application also shortened the time required for the client to grant permission for Indonesia's FSA to access and download financial reports each month by 80%. This optimization ensures that the relevant financial information is easily accessible to the designated user timely

Controls and features are built-in to highlight potential delays, monitor execution timeframe, and manage escalation matrix to effectively govern SLAs.

End-to-end tracking of data transfer activities resulted in effective and accurate monitoring.

A combination of reports like data list overlays on Joget and executive dashboards on Axway MFT provided the client with visibility and summaries of essential information, such as the delivery statuses, open histories, locations, and changes made to the transferred files.

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