FINANCIAL / ACCOUNT STATEMENTS

CHALLENGE
Speed the delivery of account statements to banking customers with distribution via e-mail and features such as encryption and password-protected access to maintain security

SOLUTION
Xpedite’s Transactional service establishes a customized system interface with the bank to deliver encrypted business account information rapidly and securely to thousands of e-mail destinations daily

ENDORSEMENT
"Our customers are able to reconcile their accounts on a daily basis to improve cash flow. Outsourcing to Xpedite enabled us to implement this service with all of the security features we required."

RESULTS

	Rapid implementation of a secure, reliable e-mail solution without any capital expenditure
	Faster account reconciliation and improved cash flow for customers
	Improved customer retention and acquisition of new accounts
	Cost savings over labor-intensive printing and mailing
	Potential as additional source of revenue for banks

Recognized as an innovator in financial services to the retail market, this industry leader operates approximately 2,000 banking centers nationwide. Dissatisfied with the length of time it was taking for commercial banking customers to receive financial statements by postal delivery, the company sought a comprehensive e-mail solution that would provide customers with account information instantly—without compromising security for convenience.

Solution

Xpedite works closely with the bank to customize a solution that incorporates personalization, encryption and reliable delivery at high volume. Outsourcing saves the company from capital expenditures related to building an internal system that would be able to handle the volume and security features of such an application. Delivered through the e-mail service of Xpedite, messageREACH^SM, statements are automatically encrypted and transmitted over a secure, IP network. Integration is seamless and invisible to banking customers, enabling the bank to pass along the service under its own label as a source of additional revenue.

Process

The bank’s computer system batches customer statements/reports and sends them to Xpedite for encryption using 168-bit Triple DES (Data Encryption Standard). Xpedite delivers the e-mails and attached statements at the start of each business day. Recipients must enter a pass phrase in order to decrypt and read the document. To enhance security, users may elect to use pass phrases that change daily. Individual banks and their customers are able to use the service with almost any computing format, including PDF, DOC, JPEG and TIFF.

In addition, Xpedite provides a full audit trail of all messages sent through our system. These reports can be accessed by bank staff by logging on through our Web interface and entering a specific job number to check on the status of a delivery.

Summary

By outsourcing to Xpedite, banks can now distribute transactional information (EDI payment notifications, positive pay reports, ACH notifications, money transfer advices, account statements) as well as marketing promotions to their customers using e-mail.