Citrix's file sharing service, ShareFile, is being upgraded to include a new feature dubbed "Archiving for Financial Services," which is designed to help firms comply with data archiving regulations.
The data archiving tools are meant to ensure compliance regulations are met -- especially those for the U.S. Securities and Exchange Commission as well as indepdenent securities regulator FINRA.
ShareFile's Archiving for Financial Services indexes, audits, and makes records of client communications searchable, but only for a designated period of time required.
Account files, folders, sent messages, active and inactive links, and notifications are archived rather than deleted when no longer needed.
In the announcement, Citrix asserted that many businesses use only one service for sharing and collaborating on documents -- services which are not covered by archiving laws.
Thus, they are both possibly maintaining separate systems for regulation, which could lead to hefty fines.
Citrix's strategy here is to entice financial services companies to jump onboard with ShareFile, which is touted to offer one collaboration platform with record-keeping requirements.