Finastra Fusion Document Nexus

So how did we get here?

My wife and I, like many people across the country recently took advantage of low interest rates and refinanced our mortgage. As part of the process consumers need to provide documentation to confirm all the information supplied is reality.

It used to be that documents had to be copied and then physically moved around. Mail and courier services could take days. With the advent of fax machines, the process was improved some, but its not really a viable solution today. In this day and age, I can’t imagine many people have a fax machine at home, and I’m sure they are disappearing from many businesses as well. Today a common solution is a secure email application, but that’s far from perfect. Some systems taking applications even have document solutions baked into the product, but these solutions only work within those specific systems.

My bank directed us to a Secure Email Portal. This application wasn’t mobile friendly, nor easy to use. Now I’m a detail-oriented person, so I took the time and care to name all my attachments in line with what I was sending. But at the end of the day, a consumer in my position could have sent upwards of 30 document files with no naming context, placing a huge burden on the person receiving my files. So, I wondered if there was a better way?

So, we created Finastra Fusion Document Nexus. By creating a platform with an API available on FusionFabric.cloud, we can offer the ability to securely transfer documents in an organized fashion. A developer will utilize our api to allow their consumer to upload documents from one several possible sources. For instance, a consumer could grab their files from Microsoft One Drive, Dropbox, or Google Drive. They could take a photo of a paper copy with their mobile device, or they could select a local file. The user then uploads that file to our platform. The file will pass through our open API be stored in THE BLOB with the corresponding identifying information stored in the database. On the other side of this, when a client is ready to consume these documents, a call is made to pull in documents associated with the consumer in question, allowing them to access documents that have been pre-identified and organized.

So why make the investment in FFDN? A platform as a service fits well in the current Finastra business strategy. By creating this as an open api, developers both in house and externally can create innovative applications using this platform. The structure allows for organization and standardization of necessary documents, and with this being an FFDC API, we get the benefit of established security protocols.

Now, some of you may be wondering at this point, aren’t there already existing third party services that accomplish this. The answer is Yes. ADP has TheWorkNumber for income verification. Here at mortagebot pos we are also integrated with a service called FormFree that does asset verification. However, many organizations have not yet integrated with these services due to the cost and time commitment required. This solution is somewhere in the middle. By easing the transfer of documents, we allow banking customers to improve their current process without the burden of a lengthy integration.

The real beauty here is the future potential. One potential expansion would be to tie this platform into existing API’s. Our example today used a driver’s license. Several services exist to take an image of a driver’s license, scrape the relevant information off the image, and verify that the license is one actually issued and not a fake. ADP, which I mentioned earlier also has an API to pull documents in from their service. This platform could use that API to pull in the pdf files of W2 and Paystubs with the consumers credentials at a lower cost than the full integration.

We have also been talking about this as a tool for providing document services for the wide array of banking activities that Finastra currently supports, but with the system agnostic nature of this API, the platform could easily be used for other business purposes with a need for secure document transfer, such a legal and medical services.

Built With

• apis
• azure
• blob
• ffdc