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Absa adopts Striata secure document repository
Absa Stockbrokers and Portfolio Management has implemented the Secure Document Repository (SDR) solution from Striata to manage statements, contract notes and tax certificates that need to be accessed securely by Absa Stockbrokers and its investors.
At go live in June, the vault contained some 4-million documents. Absa Stockbrokers expects to add around 40 000 documents to the repository on a monthly basis. Absa Stockbrokers is also migrating its customers from printed to encrypted statements and daily contract notes delivered via email.
Striata launched its SDR globally in February. The SDR, implemented for Absa Stockbrokers as a private cloud solution, provides a convenient and accessible location for organisations to store documents where they can be accessed online by either customers or the representatives servicing those customers.
For Absa Stockbrokers, the SDR solution enables cost-savings due to the conversion from print to digital documentation and meets its POPI compliance requirements while providing a high level of security.
“The project includes the management of print documents,“ says Striata Document Solutions executive head Greg Gatherer, “Data is segmented, sent to the print provider and stored to provide Absa Stockbrokers investor services teams with the ability to resend an electronic version of the print document.”
Striata’s offering will enable Absa Stockbrokers to get enhanced insights into and ownership of its investor data, as well as providing the Investor Services team with insight into how intermediaries and investors are interacting with the communications they receive.
Stored documents can be served to any interface including web portals, apps and internal systems such as the existing broker interface. For investors this means they can receive their documents via their channel of choice, as well as access historical data back to 2003 via the Absa Stockbrokers website.
For brokers/intermediaries, they are assured that their customers’ data is secure and that the process of issuing statements and contract notes is compliant in terms of data privacy and financial services legislation.
As new investors and document types are added to the process, the documents will be created by Striata, delivered by email or dispatched to the print process and stored for immediate availability online.
As security of the stored documents is paramount, the SDR solution is protected by network security, application access management and database encryption.
Furthermore, each individual document is encrypted at document level. Only applications with permission are able to retrieve documents from the SDR using an API in order to display them via the requesting channel.
“In implementing Striata’s full solution – incorporating secure email, secure document storage and retrieval, and managing the print document function in conjunction with the preferred print provider – Absa Stockbrokers is improving its customers’ experience through providing secure, digital documentation that is accessible across multiple channels whenever a customer or broker/intermediary needs it,” Gatherer states.