Multichannel communication, online and mobile payment options and increasingly stringent regulatory provisions: Finance institutions are certainly not lacking in challenges. At the same time, the way in which customers communicate with their banks is undergoing significant change. Banks are compelled to react to these new market conditions more quickly and flexibly than ever. They benefit from communication processes.
Migration to All IP
With the change to Voice over IP companies can benefit from totally new opportunities for innovative communication. So while unified communications platforms offer numerous features for calling, video conferencing and collaboration, they often don’t provide fax functionality. Yet fax remains a channel which is commonly employed in the finance sector for a range of business-critical transactions. As a communication standard, fax has been thoroughly tried and tested, standardized and above all it is legally binding. With the assistance of Cloud Fax Services, finance companies can continue to enjoy the benefits of fax – even in digital environments.
Cloud Fax in OTC trade
In many places orders are also still executed by means of a connection to a traditional fax infrastructure and server. To ensure the successful transactional processing of derivatives traded and handled over the counter – and above all to also provide proof – fax is a preferred transmission channel, according to the ISDA Master Service Agreement. Cloud Fax Services can be incorporated directly into existing business applications by means of an API and integrated in the employee’s email clients. In this way, incoming fax documents can seamlessly be taken into digital workflow systems and can also be archived in a legally compliant manner.
Digitization of customer forms
Cloud services furthermore give finance service providers the opportunity to integrate forms automatically into their digital processes. One of the biggest banks in the world, for example, is using Retarus Cloud Fax Services to manage its leasing contracts. If certain customer documentation is missing for the completion of a procedure, for instance, these details are requested by means of fax along with a special answer form. Each document is furnished with a customer-specific barcode, which allows the reply to be assigned to the correct procedure automatically. Immediately after being received at the Retarus data center the forms are run through a text recognition process, which also has no trouble reading hand-filled forms. Then the data is automatically transferred into the system and can optionally be archived in accordance with the applicable law.
Compliant processes
For all these projects, finance companies always have to comply with stringent guidelines and regulations and ensure that the transmitted data is safeguarded at all times. Sector-specific certifications provide indispensible preconditions for selecting a messaging provider.
Discover more details about the Retarus Cloud Services here or from your local Retarus contact person.
Learn more about legally compliant OTC transactions with Retarus Cloud Fax in our use case.
