Citrix today announced that ShareFile, the company's popular secure file sharing service, now offers Archiving for Financial Services to help firms comply with data archiving regulations.
This offering enables financial services organisations to satisfy their record-keeping requirements and avoid costly fines associated with not meeting regulatory requirements.
In the past year, customer adoption in the financial sector doubled as more institutions turned to ShareFile for a secure and easy-to-use solution to store and send large files. Today's news helps the company further address the market.
Registered Investment Advisors (RIAs) and Broker-Dealers (BDs) are required to maintain records of customer contact in alignment with archiving regulations. Many use one service to collaborate and share documents that are not covered by archiving laws, while simultaneously maintaining a separate system for their regulated documents. ShareFile simplifies the user experience into one secure solution.
ShareFile Archiving for Financial Services helps users comply with record-keeping requirements - by offering retained, indexed, auditable and searchable records of client communications for the period required or longer. Account files, folders, sent messages, active and inactive links and notifications are archived rather than deleted when no longer needed.
Frontier Wealth Management and Pennsylvania Trust are among the first companies to select ShareFile Archiving for Financial Services to help them achieve compliance.
According to Terri McClure, Senior Analyst, Enterprise Strategy Group, "Given concerns about data security, the threat of lost IP (intellectual property), regulatory compliance violations, or worse, Enterprise Strategy Group has long maintained that organisations should increasingly focus on gaining control of individual employees' online file sharing accounts by providing and standardising on one IT-approved solution for the entire organisation."
"Our customers' needs and workstyles inform every design choice that we make," said Jesse Lipson, VP & GM, Data Sharing, Citrix. "Today, it is more critical than ever for financial institutions to maintain access to accurate records of their communications with customers to ensure they remain compliant with industry regulations. ShareFile offers the most complete electronic record keeping solution for compliance on the market, providing customers with the ease and assurance that they can access the data they want, when they most need it."