Deutsche Bank has introduced a secure digital repository for exchange of documents as it bids to keep clients happy during the loan market's move to a paperless process.
Dubbed eVault, the platform provides a legally compliant way to securely move original electronic files from one party to another, while preserving unique digital ownership.
The system ensures authentication of the original documents in passing between owners, irrespective of how many duplicate electronic files there may be of the same record. The repository system relies upon digital tamper-proof seals and has an audit trail that ensures compliance and provides detailed reporting.
Deutsche says that it is the first bank to make use of the technology, which will empower its document custody group to take possession of electronically originated assets for clients as the loan market continues to transition to a paperless process.
Jose M Sicilia, head, trust and agency services, Deutsche Bank, says: "Our top priority is to deliver market leading solutions for clients that enables them to conduct their current and future business in the most streamlined manner."