One of the largest challenges facing the financial industry is a lack of flexibility caused by legacy systems. Sfax is not only faster, more flexible and economical for financial institutions; it can also enable potent process change, leading innovation and cost reductions. The Sfax platform is adaptable and scalable for the growth of their information processing needs. Whether companies are originating loans or selling them, or processing other financial instruments and statements, Sfax provides a secure, reliable and efficient document distribution method.
Sfax can be used by financial institutions and mortgage lenders to handle the high volume of documents these firms process each day. These firms receive mortgage applications and closing documents and send out rate quotes, rate confirmations and loan approvals. Traditional fax machines can be replaced by Sfax secure fax services so that documents are received electronically directly into data storage, handed off to workflow and document processing systems – a totally paperless process.
Sfax is used by insurance providers to process claims forms as they are received, and to send outbound confirmations of insurance eligibility and policies. Software can work with Sfax to provide capabilities such as automated data extraction and bar code reading of forms-based documents, for advanced inbound delivery options. For health insurance forms, Sfax generates a full audit trail as required by HIPAA regulations.
Sfax can be used to distribute analyst research reports and hard copy trade confirmations. For compliance with Sarbanes-Oxley regulations, Sfax archives sent and received documents for easy retrieval.
On-demand credit reports and notification of approval or denial of credit applications are examples of documents delivered using Sfax in Consumer Credit applications. Sfax is also used to deliver on-demand account statements and notifications to vendors of customer disputes of charges. Financial Services organizations demand high-throughput performance. With hundreds of thousands of documents processed per day, efficiency is essential. Sfax delivers on these requirements and meets the demand for flexibility, robustness and deliverability.
Confidential financial services documents that are regulary transmitted by fax include: Acknowledgments, Change orders, Confirmations, Credit Applications, Derivatives Fund Transfers, Invoices, Loan approvals/denials, Mortgage documents, Purchase orders Rate sheets, Regulatory disclosures, Reports – financial, Requests for quotes, Statements Titles and Wire transfers.