Encountering security and compliance challenges with EUDAs
The success of financial service entities relies on an unwavering commitment to security and regulatory compliance, essential for upholding operational integrity and stakeholder trust. This rings especially true for our client, an international financial services organization specializing in insurance and asset management. The organization undertakes the responsibility of not only protecting its data but also safeguarding the confidential information entrusted by its clientele.
Recognizing the vulnerabilities associated with using End-User Developed Applications (EUDAs), including security risks and data protection concerns, our client sought to replace their existing application designed for mortgage sales to other financial institutions. This required the new application to align with the stringent security protocols mandated by the banking sector. Leveraging the capabilities of XLINQ’s toolset, our team stepped in to modernize the client’s mortgage operations with a focus on efficiency, security, and compliance.
A secure, cloud-based application with resilient backbone
Our team developed a comprehensive software solution designed to guide end users through the complex process of transfer of mortgages and payments, optimizing efficiency and accuracy. The platform is versatile and can accept various file formats, eliminating compatibility concerns and speeding up data integration. Complex calculations are made simple as the platform automates the creation of invoices, minimizing errors and increasing precision.
The platform offers flexibility by granting access to both clients and mortgage fund users. The dual control feature adds an extra layer of security and accountability, ensuring a secure yet collaborative environment. The platform can generate a range of reports and files in different formats (XML, CSV/Excel, PDF), providing real-time insights and supporting informed decisions. Additionally, the solution allows the client to onboard their users, with the added security of multi-factor authentication and robust authorization protocols.
Meeting the market need in time with significantly less cost
Seamlessly integrated into the client’s production landscape, the solution swiftly replaced the previous EUDA application, achieving this transition 10x faster than conventional software methods. This application not only excels in terms of Confidentiality, Integrity, and Availability, as known as the ‘CIA triad’, but has also undergone rigorous automated testing. Users have been adeptly trained to smoothly transition to the new system. The solution now empowers the client’s team to effortlessly manage their daily tasks, making their workflow more efficient, secure, and compliant.