Financial sector: legally compliant and audit-compliant exchange of documents

With NGDX you can send documents legally secure and without losses. You receive a transmission confirmation, ensuring that the information hasn't been tampered with.

Fake News and Co.: Digitization is changing the way we communicate and perceive reality. Digital content is easy to create, transfer and modify, such as a photo - with a smartphone in your hand, it can be shot, edited and sent in seconds. The same acceleration is now affecting businesses. But what about the legal security of digital documents? How can companies prove the authenticity of their documents? These questions present challenges to many industries and professions. Authorities and lawyers must continue to insist on originals being sent by post. Trade must build up reserves for disputes with suppliers. Financial service providers are also planning money to cushion possible misunderstandings with their customers.

 

The new standard Next Generation Document Exchange (NGDX) provides the solution for all questions.

NGDX transmits documents in PDF/A format and is compatible with ZUGFeRD 2.1. PDF/A enables hybrid documents that can be read and processed by people and machines. If you want to make your document exchange revision-proof, you can choose the blockchain option for NGDX: Then the documents and transactions are additionally stored in the private or public blockchain. 

Further advantages at a glance:

  • Transfer all inactive PDF content, such as color, metadata, etc.
  • No transmission of potentially harmful, active content such as hyperlinks or applications
  • End-to-end transmission of all documents
  • Confirmation of receipt of the complete and unchanged contents
  • High transmission speed
  • Downward compatibility to the fax

Read below what NGDX can do for financial services providers.

Background

Many enterprises are subject to an archiving obligation. They often fulfill this with the help of complicated documented processes and expensive WORM storage systems (Write-once-read-many). But this does not yet prove whether the exchange of documents has been successfully completed. NGDX provides the solution here: The receiving device sends a confirmation of the transaction upon receipt.

Financial sector: Track transactions with NGDX

For some, these news still ring in their ears: a handful of high-speed traders are manipulating stock prices worldwide. The process is simple. The "flash boys", as they are called on Wall Street, use unencrypted and thus insecure information channels to spy out the stock market orders of other market participants. They take advantage of this knowledge advantage to do their own good business. First, they identify the investor's intention to buy. Then they access the security, even before the buyer, and resell the stock at a higher price. The trader pockets the spread, the investor pays the higher price and is therefore the stupid one.

 

In order to be protected against manipulation, investors and brokers need security, which is guaranteed especially when exchanging sensitive data with Next Generation Document Exchange. NDGX secures content with two different encryption methods. A combination of symmetric and asymmetric keys guarantees that even large amounts of data can be transferred quickly and arrive exactly where they should.

Blockchain-verified document exchange is like a digital registered letter with advice of delivery. It's even better: because you can prove what content was in the envelope."

                                                                                STEPHAN LESCHKE CEO FERRARI ELECTRONIC AG 

NGDX: Dual Encryption

NGDX combines two methods in so-called hybrid encryption: Asymmetric and symmetric encryption. The asymmetric key pair consists of a secret (private) key and a non-secret (public) key. It is also called the public-key encryption method. The second encryption method used is symmetric encryption, in which only one key is used.

 

Work instead of archiving.

With NGDX you increase your working speed and migrate your communication processes into the digital world without great effort. Instead of sending important documents by post and filing them manually as before, these documents can now be quickly and easily digitally transferred and automatically archived. The streamlined process reduces potential sources of error and optimizes the paperless workflow.

What can NGDX do for you? Speak with us

Chris Helbing
Director Product Management

info@ferrari-electronic.de
+49 3328 - 455 90