Onix Strengthens Data Security and Optimizes Costs for Leading Financial Institution with Pelican

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The Client:

A major banking and financial services company with strict data security and compliance requirements. They uphold data integrity as a top priority to maintain customer trust and ensure operational efficiency.

Industry:

Banking, financial services

The Challenges: 

  • Tedious Manual Validation:Their reliance on manual data validation processes across distributed systems was time-consuming, prone to errors, and created data movement inefficiencies.
  • Data Loss Risks:Manual processes increased the risk of data breaches or loss during data movement, posing a threat to sensitive financial information.
  • Escalating Costs:High storage and network costs associated with data movement for validation processes were a growing concern.

The Solution

Onix implemented Pelican, a proprietary data validation and reconciliation tool designed to streamline validation at scale while safeguarding sensitive information. Key features leveraged include:

  • IP-Driven Hashing:Pelican’s unique hashing mechanism enabled data comparisons without physically moving data, significantly reducing network overhead and enhancing security.
  • Extreme Data Compression: The solution compressed data to a fraction of its size (0.001%), optimizing storage and further mitigating transfer risks.
  • Cell-Level Validation:Pelican conducted granular, cell-level checks to ensure absolute accuracy across diverse systems.
  • Parallel Processing and Reporting:Pelican accelerated validation with parallel execution and provided detailed reports pinpointing any discrepancies.

Outcomes

  • Robust Data Security:Pelican eliminated data movement during validation, dramatically reducing potential exposure of sensitive financial information.
  • Massive Cost Savings:Significant network and storage cost reductions were realized due to Pelican’s compression and minimal data transfer design.
  • Time Efficiency:Automated validation streamlined operations and freed up valuable resources.
  • System Decommissioning with Confidence:Pelican’s accuracy enabled the client to confidently decommission legacy systems without risking data loss or discrepancies.

Conclusion

Onix, through the strategic deployment of Pelican, empowered the financial institution with a highly secure and efficient data validation solution. This transformation strengthened data protection, optimized costs, and bolstered the client’s overall data management practices.

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