MFT For Banking & Financial Institutions

Understand How Financial Institutions Secure Sensitive Data and Ensure Compliance With MFT

Support DORA & PCI DSS Speak to an Expert

Managed File Transfer for Finance

 

Historically, banks relied on physical vaults for security. Today, a laptop and an internet connection are all a hacker needs. As banking and financial institutions adopt faster, more complex processes, many legacy systems simply can’t keep up. Outdated infrastructures create blind spots, making it harder to detect threats before it’s too late, and in an industry where its paramount to stay compliant with regulations like DORA, FCA, PCI DSS, those gaps can be costly.

This is where Managed File Transfer (MFT) steps in. Think of MFT as your digital bank vault, a secure, automated solution that replaces slow, ad hoc file transfers with reliable, fully auditable workflows. It encrypts files both in transit and at rest, ensuring your sensitive data stays protected no matter where it travels. Beyond security, MFT helps financial organisations improve operational efficiency, reduce risk, and stay in control as demands grow and regulations evolve.

Key Features of Managed File Transfer

Safeguard Financial Data 

With thousands of files moving every minute, even a single file transfer failure or error can have serious consequences, including regulatory penalties, data breaches, and long-lasting reputational damage. MFT protects this data with advanced security controls such as encryption at rest (PGP, AES), encryption in transit (SFTP, FTPS, HTTPS), authentication, access control, and more.

This prevents data leaks, cybersecurity threats from bad actors, and unauthorised access to sensitive business intelligence, especially critical in industries like finance, where protecting financial data is non-negotiable.

Secure Financial Data

Key Features of Managed File Transfer

Safeguard Financial Data 

With thousands of files moving every minute, even a single breach or error can have serious consequences, including regulatory penalties and long-lasting reputational damage. MFT protects this data with advanced security controls such as encryption at rest (PGP, AES), encryption in transit (SFTP, FTPS, HTTPS), authentication, access control, and more.

This prevents data leaks, cybersecurity threats from bad actors, and unauthorised access to sensitive business intelligence, especially critical in industries like finance, where protecting financial data is non-negotiable.

Secure Financial Data

Automated Workflows Driving Data Efficiency 

In financial services, time is money, and automated workflows help you save both. By reducing manual effort and errors, you can streamline client onboarding, secure online forms, and accelerate internal processes. 

Enterprise File Transfer moves critical data securely and efficiently across departments, systems, and hundreds of distributed banking locations worldwide. With built-in encryption, real-time visibility, and audit-ready tracking, MFT ensures your information stays protected, no matter where it’s going.

Automated File Transfer Workflows

Centralised Control for Regulatory Compliance

MFT streamlines data transfers and acts as a core part of your cybersecurity suite. It provides a single point of control, making it easier to comply with financial services regulations such as PCI DSS, SOX, GDPR, and DORA. With end-to-end encryption, granular access controls, and detailed audit logs, MFT protects sensitive data and supports fast, accurate audit responses.

By providing a centrally managed platform for file transfers, SFTP software for banking and finance eliminates the threats posed by shadow IT, reducing risk, improving visibility, and ensuring sensitive data stays within secure, approved workflows.

Regulatory Compliance for Finance

Centralised Control for Regulatory Compliance

MFT streamlines data transfers and acts as a core part of your cybersecurity suite. It provides a single point of control, making it easier to comply with financial services regulations such as PCI DSS, SOX, GDPR, and DORA. With end-to-end encryption, granular access controls, and detailed audit logs, MFT protects sensitive data and supports fast, accurate audit responses.

By providing a centrally managed platform for file transfers, MFT eliminates the threats posed by shadow IT, reducing risk, improving visibility, and ensuring sensitive data stays within secure, approved workflows.

Regulatory Compliance for Finance

Support Open Banking & Modern Integration

Open Banking and regulations like PSD2 and DORA require more than secure file exchange, they demand seamless, auditable integration with internal systems and external partners.

Managed File Transfer enables secure, automated data movement between platforms like SAP, Salesforce, and your banking APIs. Built-in Cloud Connectors simplify integration with services such as Microsoft 365, SharePoint, and Amazon S3, with no custom code required.

Support Open Banking & Modern Integration

Enables Hybrid Cloud Strategy

Financial institutions often operate with a mix of legacy systems and modern cloud infrastructure. With a wide range of file transfer tools available, whether deployed on-premises, in the cloud, as native SaaS, or in a hybrid setup, there’s an MFT solution to fit your organisation’s cloud strategy.

By supporting various deployment models and storage platforms like Amazon S3, Azure Blob, and Google Cloud, MFT gives you the flexibility to align with your infrastructure needs while maintaining security, compliance, and control.

Enable Hybrid Cloud Strategy

Enables Hybrid Cloud Strategy

Financial institutions often operate with a mix of legacy systems and modern cloud infrastructure. With a wide range of file transfer tools available, whether deployed on-premises, in the cloud, as native SaaS, or in a hybrid setup, there’s an MFT solution to fit your organisation’s cloud strategy.

By supporting various deployment models and storage platforms like Amazon S3, Azure Blob, and Google Cloud, MFT gives you the flexibility to align with your infrastructure needs while maintaining security, compliance, and control.

Enable Hybrid Cloud Strategy

A Smarter Approach to Data Transfer

Enterprise File Transfer doesn’t just solve a single issue, it supports the entire business. You might start by solving a pain point in IT or compliance, but the benefits quickly spread. Finance gains secure, automated handling of sensitive reports and statements. HR can safely manage employee data and onboarding documents. Even customer support teams benefit from faster, more reliable access to shared files and case information.

The more departments that implement enterprise MFT, the more value it delivers, and the more cost-effective it becomes. It’s not just a fix, it’s a smarter way to run your organisation.

Data Transfer Across Your Business

A Smarter Approach to Data Transfer

Enterprise File Transfer doesn’t just solve a single issue, it supports the entire business. You might start by solving a pain point in IT or compliance, but the benefits quickly spread. Finance gains secure, automated handling of sensitive reports and statements. HR can safely manage employee data and onboarding documents. Even customer support teams benefit from faster, more reliable access to shared files and case information.

The more departments that implement enterprise MFT, the more value it delivers, and the more cost-effective it becomes. It’s not just a fix, it’s a smarter way to run your organisation.

Data Transfer Across Your Business
Happy businessman taking the CFTP training course on a computer while working at home-1

MFT Serves All Areas of Financial Services

MFT Across the Financial Sector

Banks handle vast amounts of sensitive financial data across multiple systems and partners. MFT solutions provide a secure, automated, and fully auditable way to move this data, helping ensure compliance, reduce risk, and boost operational efficiency.

Banking Use Cases:

  • Risk & Compliance: Regulatory reporting is time-sensitive and highly scrutinised. MFT streamlines secure delivery of reports, audit logs, and sensitive documents, maintaining data integrity, encrypting information in transit, and supporting compliance with standards like PCI DSS and GDPR.
  • Retail Banking Operations: MFT enables secure, efficient file transfers across branches, third-party services, and internal teams, across hundreds of retail locations. It reduces manual intervention, improves service speed, and lowers risk of errors or data breaches. It support regulations like DORA, ensuring resilience and data security across all locations.

Insurance providers manage complex data exchanges between brokers, partners, and regulators. Secure File Transfer for financial services automates these exchanges, streamlining operations, ensuring compliance, reducing manual effort, and protecting customer data.

Insurance Use Cases:

  • Claims Processing: MFT transfers claims documents, medical reports, and communications between assessors, underwriters, and partners. It speeds claims resolution, reduces errors, and ensures data is encrypted and traceable across every stage of the process, supporting compliance and data integrity.

  • Underwriting: Accurate, timely data is essential for effective risk assessment. Enterprise File Transfer automates application details, risk reports, and third-party data transfers, supporting faster decisions while maintaining security, consistency, and regulatory compliance at scale.

Wealth management firms handle confidential client data that must be transferred securely between systems, partners, and clients. Secure File Transfer simplifies complex data exchange, seamlessly integrating with core systems to improve service delivery and support agile decision-making. With automation and high file transfer speeds, firms can react quickly to market shifts and meet the demands of high-value clients.

Department Use Cases:

  • Client Services: MFT ensures the secure delivery of portfolio statements, investment reports, and financial summaries to clients and advisers. It enables fast, encrypted communication with full audit trails to protect sensitive information.

  • Compliance & Reporting: MFT automates the transfer of regulatory filings and transaction records to governing bodies. Every file is encrypted, tracked, and delivered on time, supporting compliance with strict regulations like PCI DSS, FCA, and GDPR.

As banks and financial services move increasingly online, managing high volumes of customer interactions and complex data transfer becomes a major challenge. MFT addresses this by ensuring secure, automated data exchanges across platforms, improving responsiveness, ensuring regulatory compliance, and enabling seamless digital experiences at scale.

Department Use Cases:

  • Scheme Administration: MFT automates the transfer of member records, contribution files, and payment schedules between payroll providers, trustees, and internal systems. This reduces manual interference, minimises errors, and ensures quick, accurate updates.

  • Compliance & Governance: Regulatory submissions, audit data, and communications with oversight bodies are securely exchanged using MFT. With built-in encryption, tracking, and audit trails, providers can demonstrate full compliance with pension regulations and data protection laws.

Fintech companies operate in fast-moving environments where secure, scalable, and compliant data transfer is critical. Secure File Transfer supports this by enabling the safe, automated exchange of sensitive financial data, helping challenger banks maintain trust with their customers, meet evolving regulations, and protect their reputation.

Department Use Cases:

  • Product & Development: MFT supports development teams by securely transferring API payloads, user data, and transaction files across internal systems and third-party platforms. This helps streamline integration, accelerate delivery cycles, and maintain data integrity. 

  • Compliance & Risk: In a constantly evolving regulatory environment, MFT gives compliance teams the visibility and traceability they need. With end-to-end encryption and detailed audit trails of the file transfer process, not just the files themselves, MFT helps ensure regulatory alignment and reduces security concerns.

Is It Time to Migrate
Your MFT system?

If rising costs, rigid infrastructure, or audit pressures are holding you back, it’s time to move to a modern, secure solution built for the fast pace of the financial industry.

Case Study: Pro2col & MFT in the Finance Industry

We work with organisations at the heart of the UK’s financial system, including one of the largest long-term savings providers, one of the country’s biggest pension schemes, global debt recovery firms, and many more. These institutions trust us to modernise critical file transfer infrastructure, relying on our vendor-agnostic approach. As independent MFT specialists, we take the pressure off your internal teams through consultancy and professional services, expert training, and long-term support.

We focus on your architecture and compliance needs, helping you select the right solution for your business and guiding you towards the right file transfer solution that delivers lasting value and efficiency. This is what sets us apart, and it's exactly what we delivered for one major financial institution. If you want to see Pro2col's unique approach in action, read our case study to find out how we helped a major financial institution get back on its feet following a significant data challenge.

Discover The Enterprise Maturity Model for MFT

The Enterprise Maturity Model for MFT provides a structured approach to help organisations assess, optimise, and future-proof their file transfer infrastructure. 

With growing pressure around security, compliance, and efficiency, it helps financial institutions take control of how sensitive data moves. By breaking your setup into manageable stages, the model highlights where you are now, where your gaps are, and how to move forward, so you can reduce risk, stay compliant, and support your long-term goals.

The Enterprise Maturity Model For MFT

Looking for GDPR, FCA & PCI DSS Compliant File Transfer?

 
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Get In Touch To Discuss Your Needs

Want to understand how managed file transfer can improve security, compliance, and efficiency in your finance organisation? Get in touch with our experts for a no-obligation chat, we’ll help you explore the best solution for your needs.

Resources to Help Your Research

The Beginners Guide to Managed File Transfer

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The Beginners Guide to Managed File Transfer

Download Pro2col's definitive guide for crucial insights about file transfer needs, a review of the marketplace and use case.

Discover the Best File Transfer Software in 2024

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Discover the Best File Transfer Software Tools

Our experts review the market to reveal the best enterprise-grade file transfer solutions available today. 

Get a Personalised File Transfer Recommendation

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Get a Personalised File Transfer Recommendation

Take our short 5 minute quiz to discover the perfect file transfer match for your business requirements. 

FAQs

How Does Managed File Transfer Enhance Data Security in Financial Institutions?

Managed File Transfer enhances data security in financial institutions by providing a centralised, controlled, and auditable way to exchange sensitive information. Unlike traditional file transfer methods like email or basic FTP, MFT solutions offer end-to-end encryption, secure protocols (such as SFTP, FTPS, HTTPS), and granular access controls to protect data in transit and at rest.

MFT platforms also help financial organisations meet strict compliance requirements (e.g. DORA, GDPR, PCI DSS, SOX, FCA regulations) by enabling automated policy enforcement, user authentication, and comprehensive audit trails. These features reduce the risk of data breaches, unauthorised access, and human error, ensuring secure and compliant file transfers across internal systems and external partners.

How Does Managed File Transfer Aid Regulatory Compliance for Banking and Finance?

MFT platforms help institutions follow key regulatory frameworks, such as DORA, FCA guidelines, GDPR, PCI DSS, and SOX, by enforcing encryption protocols, automating secure workflows, and providing a full audit trail of every file movement. This ensures that data transfers are not only secure but also traceable and repeatable, which is essential for passing audits and meeting industry standards.

By replacing ad-hoc or legacy methods with MFT, financial organisations gain visibility and control over data transfers, reduce the risks of shadow IT, and minimise compliance risks, making it easier to demonstrate accountability to regulators.

What Managed File Transfer Features Secure External Financial Data Exchange?

Secure File Transfer platforms include a range of features specifically designed to secure external data exchange between financial institutions, clients, and third-party partners. Key security features include:

  • End-to-End Encryption: Protects sensitive data both in transit and at rest, using secure protocols such as SFTP, FTPS, and HTTPS for transport, and PGP encryption for added protection at rest or during transfer.

  • Authentication and Access Controls: Ensures only authorised users can access files through role-based permissions, multi-factor authentication, and authentication provider integration.

  • Automated Workflows: Reduces human error by automating file transfers and applying consistent security policies.

  • Audit Logging and Reporting: Tracks all file activity, including who sent what, when, and to whom, which is crucial for accountability and compliance.

  • Data Integrity Checks: Verifies that files haven’t been altered during transfer, protecting against tampering or corruption.

  • Secure User Portals and APIs: Enables partners or customers to exchange files through controlled, monitored interfaces rather than risky ad-hoc methods.

These features collectively ensure that financial data shared internally and externally remains secure, traceable, and compliant with regulatory standards, all while supporting trust and operational resilience.

How Does Managed File Transfer Automation Improve Efficiency in Financial Data Handling?

Through automation, routine file transfers such as end-of-day reports, payment batch uploads, or regulatory data submissions, can be scheduled and executed without manual intervention. This not only speeds up delivery but also ensures consistency, accuracy, and reliability across critical workflows.

MFT solutions also integrate with existing banking systems, ERPs, and trading platforms, enabling seamless data movement across departments and with external partners. Automated alerts and error-handling reduce downtime and help teams respond quickly to issues, avoiding delays and penalties.

What is The Enterprise Maturity Model for Managed File Transfer (MFT)?

A maturity model is a well-established tool designed to help organisations make informed software procurement decisions. Much like the Gartner quadrant or G2 review scores, it offers a framework for businesses to evaluate their operational position and technology stack relative to the wider market.

As global experts in Managed File Transfer (MFT) consultancy, Pro2col has analysed the marketplace and drawn upon over two decades of experience to develop the Enterprise Maturity Model for Managed File Transfer. In the absence of a current Gartner quadrant, this model serves as a vital, timely resource for financial institutions seeking to optimise their file transfer capabilities.

This model provides a structured, strategic approach to assessing and enhancing your file transfer infrastructure over time. By pinpointing where your organisation sits within the model, you can identify vulnerabilities, improve operational efficiency, and prioritise critical upgrades to support business growth and minimise risk.

The model is divided into two key sections, offering a five-stage framework to measure both the maturity of your file transfer infrastructure and your organisation’s ability to support it technically. It includes practical recommendations to raise your proficiency level.

In the finance sector, where compliance, security, and agility are paramount, many legacy solutions tend to be slow-moving, difficult to configure, slow in delivering new features, and have unfriendly pricing models. Pro2col works closely with financial organisations to uncover alternative solutions that avoid costly bespoke development, helping you implement more agile, cost-effective, and future-ready file transfer systems.

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