Finance is an excessively regulated industry. There are a lot of moving parts and data that must be monitored and reported in order to stay protected and compliant with all the regulations. One of the most important aspects of regulatory compliance for banks and financial organizations is record keeping and archiving electronic communication data. With the growth of business, the amount of data also grows continuously over time. In addition, databases expand when new functionalities are introduced, mergers or acquisitions take place or when one upgrades to a newer version of a software. The system becomes redundant and a backup of all the data needs to be taken. This can result in the need for additional hardware. Slowdown of systems is a further consequence of large volumes of data. Another disadvantage of too much data is the time required to restore a mission critical backup.
Brokers, dealers, investment advisors, lending agents, futures and transfer agents, and businesses like mortgage companies, credit unions, banks, hedge funds, private equity firms, exchanges, commercial and retail banks, lenders and insurers, payday lenders, foreclosure relief services and debt collectors are all required to capture, monitor and archive business related communication data for review, audits, eDiscovery, litigation, and compliance.
An archival solution is a great first step. Data archival and retrieval solutions automatically help prepare responses to any compliance audit, litigation or information request for business communication data. The right solution archives all communication data in one central location for easy search, eDiscovery, and exporting needs. All transactional data, master and reference data as well as metadata is stored.
In simpler terms, data archiving is the process of moving data that is no longer actively used to a separate storage device for long-term retention. Archived data consists of older data that is still important to the organization (like the data locked when you retire legacy systems) and may be needed for future reference, as well as data that must be retained for regulatory compliance. Data archives are indexed and have search capabilities so files and parts of files can be easily located and retrieved.
While there are many archiving solutions, FinDART is a customised data archival and reporting solution for banks and financial institutions. The need of an archival solution arises due to migration or to retire legacy systems. FinDART -
“The Bank is associated with M/S Nelito since 2002. M/S Nelito Systems Ltd has been our CBS vendor since 2009. The Products, quality of service offered by them are excellent. They have a very good support team and are trained enough for handling any type of situation.”
“Good & Co-operative.”
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Knowledge and service provided to the bank is beyond expectation. And we would definitely engage and recommend solution to others .
Bank has implemented CBS of Nelito Ltd in the year 2008-09 in phase manner. Also integrated RTGS/NEFT, CTS, MMS etc which help us in smooth automation of banking operation.
Experience during development of Rating Engine Module has been good in the context of commitment to meet timelines & lot of hard work has been put by Nelito's team.
Everything was successfully implemented and tested. The implementation was professionally done in a very efficient and cooperative manner. Migration was very smooth.
Nelito and its team has always been supportive and efficient in achieving the tasks set up by the Dept. Apps developed by the software engineers for the Public Health Dept have proved to be excellent among the top competitors and have been acclaimed for its effective service delivery to the end user at the grass root level which is the foremost object of any Govt organization. Many thanks for the sincere efforts.