Worldwide Investment Bank
This large, top 10-ranked global financial institution needed a capture and fax solution to address records keeping compliance requirements within SEC Section 17(a).
This top 10-ranked global investment bank used AccuRoute to upgrade their fax infrastructure from three disparate modes of fax communications to one centralized system. AccuRoute helped them to digitize records, eliminate legacy fax machines, and enable fast user adoption while increasing staff productivity. Most importantly, the client now has secure data exchange and is compliant with federal mandates such as SEC 17(a).
Customer success highlights
- Improved user experience by allowing users to send paper faxes from network-connected MFPs with one-button simplicity, which is more efficient than creating fax cover sheets manually, printing them, and faxing them manually from a traditional fax machine.
- Integrated with the firm’s existing fleet of HP MPF devices to earn recognition as being a compliant financial institution in accordance with SEC 17(a) for fax communications.
- Increased productivity for compliance and record keeping, making it possible for the infrastructure to retain records rather than putting the responsibility on the individual.
Although the client had already updated protocols around email, instant messenger, and phone communications, their fax infrastructure was a disjointed problem that left their clients’ data at risk. They wanted to avoid significant fines, damage to their reputation, and a potential loss of future business by bringing fax up to speed.
How they did it
AccuRoute easily integrated with existing systems to consolidate fax traffic to and from all sources through a single IT-controlled infrastructure. At the same time, all faxes could automatically archive into their existing enterprise email archiving system, Veritas Enterprise Vault, to adhere to compliance monitoring activities.
To implement this comprehensive solution, additional products were needed. The network-connected MFPs that replaced the traditional fax machines were one important element of this solution. In this case, the client selected the HP 4345 MFPs. The rationale behind selecting these HP devices over other options was the ability to integrate seamlessly with AccuRoute.
With the innovative technologies from AccuRoute, HP, and Veritas, the client found a complete end-to-end communication system that conformed to the compliance requirements of SEC 17(a) and related governing bodies. The client is now recognized as being compliant financial institution in accordance with SEC 17(a) for fax communications. When presenting to the SEC, the legal and compliance team was applauded for this accomplishment.
User adoption, training, and daily use of the system was simple and universal. Receiving a fax via email was more secure, efficient, and convenient than receiving a paper fax. Sending paper faxes from network-connected MFPs with one-button simplicity was more efficient than creating fax cover sheets manually, printing them, and faxing them manually from a traditional fax machine.
The new approach also increased productivity for compliance and record keeping, making it possible for the infrastructure to retain records rather than putting the responsibility on the individual end user and their business units.
Finally, AccuRoute also increased end user productivity through the standardization of processes in a central and consistent enterprise-wide system with a common user experience—a win for all involved.
“Not only are we more productive as a whole, but we now have the claim of being a compliant financial institution in accordance with SEC 17 (a). Our legal and compliance team was applauded by the SEC for our work and ingenuity.”
Core Engineer, Digital Fax Solutions
Worldwide Investment Bank
Ready to dive in? Read our blog to learn more about the benefits of online vs. traditional fax infrastructure.
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