outsourcing compliant print and mail finance faqs

The financial industry must deliver lots of customer communications containing sensitive information. As a result, this type of mail is transactional and subject to regulatory requirements. Many organizations no longer want to manage these expensive and tedious processes. More are considering outsourcing compliant print and mail.

As with any change that impacts compliance, there are always questions. Here are the answers to the FAQs we most often hear.

1. What Transactional Communications Can Financial Organizations Outsource?

There are no limits to what you can outsource in terms of regulated communications. As long as the print and mail company prioritizes compliance, you’re okay. The most common transactional communication that we produce are:

  • Deposit, checking, savings, IRA, investment, or combined bank statements
  • Banking compliance letters and notices
  • Escrow documents
  • Loan modifications and refinancing proposals
  • Billing statements for credit cards, mortgages, HELOC, or car loans
  • Annual tax forms
  • Privacy mailings
  • Credit risk disclosures
  • Collection letters and past-due notices

No matter what area of financial services,—banking, consumer, auto, or mortgage—there are outsourcing solutions.

Video: https://pcigroup.com/ask-the-experts-outsourcing-transactional-mail/

2. What Compliance Certifications Should You Seek in a Partner?

Since compliance is part of every type of financial transaction communication, you need to ensure that a vendor has the minimum requirements. Those that matter relating to the mailings you send include:

  • FISMA (Federal Information Security Management Act)
  • SOCI & II
  • PCI DSS (Payment Card Industry Data Security Standard)

If letters include any type of PHI (protected health information), HIPAA compliance and HITRUST certification are a must.

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If you are looking to streamline your print and mailing operations, partner with PCI Group to save! Our team will conduct a thorough analysis of your current setup and cost of ownership, then present you with options to help optimize efficiency and reduce your current expenses.

Beyond asking about certifications, you should dig into their compliance workflows and processes. Learn how they do more than the basics and the protocols they have in place to reduce the risk of non-compliance.

compliance in transactional print and mail3. How Do Transactional Print and Mail Companies Manage Compliance?

A compliant provider uses a multi-pronged approach regarding compliance. It starts with consistency in processes. PCI Group does this by using Lean Manufacturing standard works. We have over 270 in place that ensure that every operator, shift, and location follows the same workflows.

The next critical part of compliance is accuracy. One mis-mailing can lead to claims of non-compliance. We tackle this crucial component with advanced technology. Our framework consists of intelligent insertion, barcode scanning, the USPS Intelligent Mail® barcode (IMb), and high-speed cameras. All these components work together to ensure that documents fold separately into the envelope. Integrity cameras read the barcodes, and a different camera takes a picture of the inserted envelope for verification.

4. What Are the Compliant Processes Involved in Receiving Data?

Transmission of data is the first part of the print and mail process. We recommend SFTP (Secure File Transfer Protocol). Clients submit data through this secure portal. After receipt, we move the files to a secure Zone 1 network server. We then count the packages, sheets, and images in the file and send a file confirmation report. Clients then approve it, and it heads to production.

Whether at rest or in transit, data is always encrypted.

5. How Do Transactional Print and Mail Companies Ensure the Right Data Prints?

Every communication is unique, which can cause challenges for some companies. Often, they must pre-print stock to match a template or engage in many changeouts throughout printing. This approach is prone to errors and mistakes.

We use a different framework that enables dynamic printing, called the White Paper Factory (WPF). The WPF marries fully digitally composed files with in-line print production and intelligent insertion to deliver ultra-secure, highly accurate, variable data-generated documents.

Operators feed white rolls of paper into the printers so all letters print at the same time. Variability includes any aspect of the document beyond just the addressee and account information. You can also dynamically print specific messages to upsell or cross-sell, using color in any area. Graphs and charts are options, as well.

Video: https://pcigroup.com/ask-the-experts-what-is-a-white-paper-factory/

6. What Other Security Practices Support Compliance?

You can’t be compliant without being secure. Data security is essential to operations and receives extra care throughout the process. Along with encryption, other security measures should include:

  • Endpoint security
  • Firewalls
  • Cyber monitoring
  • Intrusion Prevention Systems
  • User-level policies
  • Proactive cybersecurity measures of regular vulnerability assessments and pen tests
  • Business continuity and disaster recovery plans that include redundancy

Video: https://pcigroup.com/how-does-pci-group-protect-sensitive-customer-data/

Ready to Transition to Outsourcing Compliant Print and Mail?

With these questions answered you can feel confident that outsourcing will enhance compliance. When reviewing your options, you’ll find that our solutions have compliance in their DNA, as transactional print is all we do. We serve numerous financial institutions, providing secure, accurate, high-quality mailings. See how we can help you by requesting a consultation.

Want to learn more about how PCI Group can help you improve your customer transactional print communications?

We offer a free 30-minute consultation.

If you’re ready to improve the productivity and efficiency of your communications and drive better customer engagement
contact us today.

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