Getting More With Your Alts Data: Introducing FTPS to Deliver Data Directly into Box.com and ShareFile

Introduction

To meet the increasing demand for data accessibility, Canoe has introduced and enhanced a host of data-centric functionalities. Earlier this quarter, we discussed the introduction of our email notification delivery feature. Now, we’re launching additional delivery methods through FTPS (File Transfer Protocol Secure), expanding the capabilities of Canoe’s scheduled extracts even further to include shared file systems. With SFTP (Secure File Transfer Protocol) enabled as the original data delivery method and email notifications recently available out of the box, our ongoing improvements to Canoe’s scheduled extracts continue to offer clients additional levels of flexibility.

Why does Canoe place such a strong emphasis on flexibility? Each of our clients operates differently from the next: some may not have a robust information technology team, others may not support SFTP connections, and others still may not have used the scheduled extracts feature extensively. 

Meeting Our Users Where They Are: Orchestrating Flexibility via FTPS

We observed users coming into the platform on a regular basis to generate on-demand extracts. This indicated that some clients may have sought more versatility in exporting their information from Canoe’s platform. Recognizing the need for flexibility, we prioritized enhancements to accommodate additional Canoe user scenarios. To provide clients with more granularity into their document statuses, we have developed email extract options for additional document statuses. 

As part of Canoe’s ongoing enhancements to our data delivery methods, we’ve actively explored the different ways our clients may expect data to be exported from Canoe. While we started with SFTP originally, we soon realized that many other platform users employed document management systems or other types of downstream providers that supported FTPS as well. Though they are two of the most common secure methods for sending and receiving files over the internet, FTPS and SFTP have subtle differences. Thus, the introduction of FTPS was a way to cater to the diverse needs of our client base and enable those additional downstream applications. 

Delivering Documents and Data to Box.com and ShareFile

Several of our clients wanted to be able to send their scheduled extracts directly to Box.com, and that demand was the catalyst for supporting FTPS as a delivery method. The updates made to support FTPS for Box.com unlocked other practical applications across other file-sharing services, such as ShareFile and Egnyte, which are popular downstream systems for Canoe clients. 

Users looking to leverage this new delivery method will now see FTPS available in the “Delivery Method” dropdown as they are creating a scheduled extract. From the portal, they can specify the FTPS URL, such as Box.com or ShareFile, alongside their credentials and any desired filters.

We know how important it is for documents and data to be delivered–and be on time. We enable Canoe clients to create custom data extracts to meet their specific needs and schedule the output of those extracts on a chosen basis. The process of setting up a custom extract is not only very flexible, but also very reliable. Canoe has safeguards in place to ensure that documents and data will always arrive when they should, ensuring a smooth experience within the scheduled extracts functionality overall. For example, custom extracts actively used by scheduled extracts cannot be deleted unless the scheduled extract is also turned off.

Demand Alignment: Immediate Client Adoption

One of the major themes on Canoe’s product roadmap is delivering flexibility. Why? We want to make sure that our clients can use Canoe how they want to–not how they have to. Our commitment to flexibility and user-centric design has resulted in swift client adoption of the new FTPS-enabled delivery methods. One wealth management client, for example, plans to automate the delivery of thousands of account-specific documents directly to respective account folders on Box.com. This means their advisors will no longer need to do this manually, thereby saving hundreds of hours per quarter. With Canoe already automating its document collection process, this additional efficiency only compounds the time and resource savings this client–and many others–are already experiencing. 

Other practical use case applications include:

• Aligning with Existing Workstreams: Delivering Canoe documents into the shared file system alongside other documents the client is already working with; those users then do not need to log into Canoe as the files are present where they want them, automatically
• Document Management at Scale: Facilitating easier client document management for alternative investment firms with many end clients
• Seasonal-Dependent Support: Supporting tax season requirements independent from day-to-day business needs to drive better organizational hygiene; for example, keeping tax docs like K-1s separate from quarterly reports
• Stakeholder Access: Sending documents to a shared file system where the client’s consultants or other external advisors can view documents related to specific investments or entities
• Controlled, Intelligent Document Filtering: Utilizing filters for dozens of customized scheduled extracts:
  • Send all investment-specific documents to an investment-specific folder
  • Only send documents once they have an “Approved” status
  • Send a daily, weekly, or monthly activity digest
  • Only send documents with or without a certain document tag

Conclusion

Flexibility and customization are at the forefront of Canoe’s product roadmap. The addition of FTPS delivery methods brings more flexibility to the front, middle, and back office by empowering our clients to use Canoe on their terms, not dictated by rigid systems. We’re meeting our clients where they’re at and delivering their data to the destinations in which they prefer to store their documents and data. And, by setting up these new connections, such as the one to Box.com, we’re also unlocking other connections in the process, further improving Canoe’s value downstream. 

Canoe’s expanded data delivery methods are just one area in which we have invested to enhance transparency and deliver greater self-service capabilities to our clients. If you’re eager to explore more about Canoe’s delivery methods, don’t hesitate to speak to an expert.