Banks generate and handle enormous amounts of data every single day. Data is often the most critical element for survival of the bank; for business growth, customer service and regulatory compliance. However, with the constant growth of data the bank’s databases and production environments are stressed and reduces the overall efficiency of the systems. The vast data set is mix of live data, relevant data that is not required in the production environment, data that served its purpose and can be permanently deleted. Banks can optimize business performance by classifying the data and selectively archive or purge the data based on the type of data.
The Finonyx Archival and Purging Tool is an easy to deploy out of the box solution that can integrate with your existing core banking solution and deliver the desired results. The tool provides banks the flexibility to pre-define the criterion for archival and purging. Banks can define the type of data, cut off dates and create pre-defined jobs to archive and purge data.