Box forays into financial services industry

Box, online file sharing and cloud content management platform, announced the launch of new financial services vertical with a set of tools and technologies to firms in the financial services industry.

The new services ensure secure sharing of sensitive data for some of the largest banks, insurance companies and investment and advisory firms.

Box platform supports over 44,000 businesses including 48 percent of the Fortune 500, the company claims. With the new service, Box targets new customers like KKR & Co. L.P., AAA of Northern California, Sierra Pacific Motgage and First American Equipment Finance.

New partners working with Box includes Bloomberg Vault, Capgemini, e-SignLive by Silanis.

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Financial services from Box will offer tailored solutions to help businesses accelerate mobile productivity by enabling portfolio management and to better manage risk and compliance by providing full data control in the cloud.

With these services, the company also hopes to streamline key processes like claims processing and loan organization so that firms can focus on investors, clients and policy holders to accelerate sates cycle and generate more revenue.

To make sure financial services firms securely collaborate on sensitive data, Box announced some new product enhancements:

Retention management: This enables organisations to comply with record retention requirements set by financial regulators by securing creation and modification of documents.

Watermarking: To migrate risks and discourage data leaks and to maintain the ability to track a leak when it occurs, Box Watermarking is used.

Box Enterprise Key Management (Box EKM): It is available in beta, and enables the deepest levels of control around enterprise content without sacrificing the ease of use.

In 2015, Box will allow customers to meet Financial Industry Regulatory Authority (FINRA) with section 17a-4 of the SEC Act, which sets requirements for how electronic records are preserved in non rewritable, non erasable formats for specific period of time.

Retention management and Box EKM are available in beta today and will be generally available in spring 2015. Watermarking and FINRA will be available spring 2015.

e-SignLive by Silanis adds convenience, trust and security to e-signed documents.

Box is integrating with Bloomberg Vault Analytics solution, a component of Bloomberg that delivers enterprise compliance, eDiscovery and record keeping solutions to financial services firms. Firms using Box will be allowed for policy based compliance, governance and control with comprehensive search and reporting across data repositories in the enterprise.

Box is also integrating with Capgemini to bring custom app development, cloud integration, user adoption best practices and implementation services to insurance industry.

Shilpa Khatri

[email protected]

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