CyberArk > Case Studies > Large Financial Services Company Expands Service Offerings with the Help of CyberArk’s Sensitive Information Management Solution

Large Financial Services Company Expands Service Offerings with the Help of CyberArk’s Sensitive Information Management Solution

Customer Company Size

Large Corporate

Region

America

Country

United States

Product

CyberArk Sensitive Information Management Solution
Vaulting Technology®

Tech Stack

File Transfer Protocol (FTP)
LDAP directory
SIEM solution

Implementation Scale

Enterprise-wide Deployment

Impact Metrics

Cost Savings
Productivity Improvements
Customer Satisfaction
Digital Expertise

Technology Category

Application Infrastructure & Middleware - Data Exchange & Integration
Application Infrastructure & Middleware - Database Management & Storage
Cybersecurity & Privacy - Security Compliance

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation
Quality Assurance

Use Cases

Predictive Maintenance
Regulatory Compliance Monitoring
Remote Asset Management

Services

System Integration
Cloud Planning, Design & Implementation Services
Cybersecurity Services

About The Customer

This large North American financial services company is among the 25 largest U.S. banking companies with assets totaling over $60 billion. The company has been a CyberArk customer for over a decade, and it continues to expand its use of CyberArk’s Sensitive Information Management Solution. As the company continues to develop new and innovative financial services for its business customers, the bank and its customers must be able to securely share sensitive financial information. With CyberArk’s solution, the bank and its business customers are able to quickly, easily and securely share the sensitive financial data needed to carryout financial transactions.

The Challenge

CyberArk works primarily with this financial services company’s business banking segment, which provides a number of financial products and services including business checking accounts, payroll management, accounts receivable processing and accounts payable processing. Before digital transfer and storage technology was available, many of the banking and treasury management services provided to customers were highly manual, requiring significant time and physical resources. This approach restricted the company’s ability to scale its business and create new competitive advantages. In order to expand its service offerings while still addressing the increasingly complex compliance and operations requirements, this financial services company needed a more secure, automated and operationally efficient approach to handling Cash Letter processing, Account Reconcilement Processes (ARP), Automated Clearing House (ACH) transactions, and Lock-box files. At a minimum, this would require transforming these files into digital assets that could be securely transferred, processed and stored. At the time, in the early 2000s, exchanging digital files was a challenge that required companies to develop in-house expertise around technologies such as File Transfer Protocol (FTP) and/or invest in expensive solutions that small to mid-size corporate customers couldn’t always justify. Even with the in-house expertise and expensive systems, many businesses couldn’t guarantee the security of electronically transferred files, nor could they guarantee that the system management processes would be governed properly. This company turned to CyberArk to help eliminate the need for complex, expensive and time-consuming communications technologies and instead move towards a more secure, automated solution.

The Solution

CyberArk’s Sensitive Information Management Solution provides a fully governed business-to business Managed File Transfer solution that enables financial service organizations like this customer to securely exchange sensitive information, such as check images, accounts receivable files, accounts payable files, and lock-box files with its business customers. “To combat current economic challenges, our team is responsible for helping to generate revenues by developing innovative fee-based services. Any new corporate service we can dream up can be achieved through the Sensitive Information Management Solution – without having to stress the resources of the IT team,” said this customer’s VP Treasury Management. Thanks to CyberArk’s secure, automated and fully-auditable Sensitive Information Management Solution, this customer has been able to significantly grow its payroll services business and gain confidence in knowing that the exchange of sensitive financial data is both secure and compliant with industry regulations. Today, this customer provides payroll services to over 2,200 small- and mid-sized businesses and leverages CyberArk’s Sensitive Information Management Solution to securely exchange thousands of files per day with its customers. The CyberArk Sensitive Information Management Solution easily scales to meet increasing file transfer volumes and demand for new financial services. The solution has also improved this customer’s productivity and cost-effectiveness by streamlining and automating processes that were previously time-consuming and manual. Because the solution offers full governance capabilities and insight into who accessed what, CyberArk’s Sensitive Information Management Solution enabled this customer to easily meet all its security, audit and compliance requirements.

Operational Impact

Rapid, reliable processing of large volumes of data means quicker time to value.
Accelerate time to market of new innovative services for business customers.
Do business faster and with fewer human errors.
Decrease costs and create new operational efficiencies.
Auditable controls help to meet compliance and security requirements.

Quantitative Benefit

This customer currently processes 26,000 files a week, including 23,000 cash letters.
Handling approximately 3,700 files nightly – including both in-bound (payroll) and out-bound (cleared checks) transactions.