Financial services
Secure, auditable data exchange for financial institutions
Banks and financial institutions exchange payment instructions, remittances and statements with corporate clients, processors and other institutions every day. ECOM helps them run those exchanges securely, reliably and with the audit trail regulators and clients expect.
At a glance
- Secure file transfer
- Format transformation
- Client onboarding
- Monitoring and alerting
- IBM Sterling administration
What is financial EDI and file exchange?
Financial institutions exchange payment and reporting data with corporate clients and other institutions using standards such as X12 820 and 823, ISO 20022 XML messages, BAI2 statements and NACHA ACH files, typically over secure file transfer channels such as SFTP, Connect:Direct or AS2. Reliability, security and auditability are critical because the data moves money.
Challenges
Integration challenges in financial services
Many client formats
Corporate clients use different ERPs and file formats for payments and reporting.
Security and audit pressure
Every transfer must be encrypted, controlled and traceable.
Legacy file infrastructure
Older transfer platforms and scripts are difficult to maintain.
How we help
How ECOM supports financial services companies
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Secure file transfer
Secure SFTP, FTPS, AS2 and Connect:Direct exchanges, including on IBM Sterling.
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Format transformation
Convert between ERP payment files and bank formats such as ISO 20022, BAI2 and NACHA.
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Client onboarding
Set up and test new corporate client connections.
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Monitoring and alerting
Track time-critical files against cut-off windows.
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IBM Sterling administration
Support for Sterling File Gateway and Connect:Direct environments.
Documents and standards
Common transactions
Examples of financial formats and documents exchanged between institutions and their clients.
| Code | Document | What it does |
|---|---|---|
| 820 | Payment Order/Remittance Advice | Payment instructions and remittance details. |
| 823 | Lockbox | Reports lockbox deposits. |
| 822 | Account Analysis | Reports account service charges. |
| pain.001 | ISO 20022 Customer Credit Transfer Initiation | Payment initiation from client to bank. |
| camt.053 | ISO 20022 Bank to Customer Statement | End-of-day account statement. |
| BAI2 | Cash Management Balance Reporting | Balance and transaction reporting. |
Scenarios
Typical integration scenarios
Corporate banking connectivity
Onboard and support corporate clients' payment and statement files.
Modernizing file transfer
Replace aging transfer servers with a governed MFT platform.
Trading partners
Financial Services partners we connect with
Examples of financial services trading partners ECOM can connect your business with.
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Frequently asked questions
Which secure protocols do you support for banks?
Common protocols include SFTP, FTPS, AS2 and IBM Sterling Connect:Direct, with PGP encryption where required.
Can you convert ERP payment files to ISO 20022?
Yes. PRISM can transform ERP payment output into ISO 20022 and other bank formats, subject to each bank's specifications.
Does ECOM work with corporate treasury teams too?
Yes. ECOM helps corporates connect to multiple banks as well as helping institutions connect to clients.
Talk to an integration expert
Tell us about your partners, systems and goals. We will show you how PRISM and our team can help.