Prime File Broker
Financial services organizations including banking, merchant services, and investment management continue to rely on legacy file management systems for exchanging B2B data on a global scale. In many cases, this is an obvious choice for them as it is a standardized and an effective way to collaborate. Unfortunately, legacy file management systems face many challenges. They can end up costing organizations valuable time, critical space, and money. To counteract this, more and more organizations are discovering ways in which an automated approaches to file management enables them to tackle the modern phenomenon of digital disruption.
Here are some common problems resulting from legacy file management processes:
- Rising Costs: Electronic Data Interchange (EDI) is an expensive investment but necessary in many instances. Maintaining outdated and legacy EDI solutions can lead to spiralling costs.
- Scaling: Outdated or one-off legacy systems may not scale to support all the data requirements necessary as businesses evolve. Lack of scalability can cripple an organization from fulfilling its operational objectives.
- Lack of Automation: Legacy EDI solutions are obsolete and cannot perform all EDI tasks because they cannot natively integrate with an ERP or CRM system for end-end-end processing. This leads to gross inefficiencies.
- Complexity: Outdated EDI tools were not designed to keep up with the emerging demands of digital age and are error-prone. This can overburden businesses.
What is the way forward? Many financial services organizations are turning to automated solutions to help them achieve their file management objectives. Prime provides the perfect modern solution to meet this market demand.
PRIME FileBroker-File Management Platform
The PRIME FileBroker platform is a cutting-edge file management tool that provides a mechanism for extracting data from external sources, transforming it into a normalized data format, and then loading it into an end target or repository. It facilitates back-end processing services across various domains within financial services such as banking, securities, cards, merchant services, and investment management.
The platform also acts as a centralized integration hub with any-to-any graphical data mapping. Its conversion and integration capabilities make the mapping of data from flat files or EDI files extremely effective, lightweight and scalable. Its visual interface for effective management comprises of the following tasks and functions:
- Data Transfer
- File Management
- Error Handling
The Flat File source reads data from a text file. The text file can be in delimited, fixed width, or fixed format in the following ways:
- The delimited format uses column and row delimiters to define columns and rows
- Fixed width format uses width to define columns and rows
The system also allows you to easily set up file-based imports from vendor files and adapt to changes in those files. Some of the supported file types include:
Extracting data from external sources,
- Account Position Files
- Trade Confirmations
- Open Trades
- Transaction Files
- Multi-format Settlement Files
Key benefits of PRIME File Broker can be summarized as follows:
- Easy setup and maintenance
- Reduced operational costs
- Increased processing speed
- Increased EDI efficiency
- Reduced errors
- Processing of large size files in short duration
- Improved relationships with business partners due to improved collaboration
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