BALTIMORE – eOriginal, Inc., the digital transaction experts, today announced a Rating Agency-approved, top five U.S. bank has standardized on eOriginal’s eAsset® Management Solution for their document custodial services. As one of the largest third-party document custodians, the financial institution has moved their loan custodial services to 100 percent digital: accepting eSigned documents; securely maintaining and storing them within an electronic vault; and administering fully electronic securitizations and collateralizations.
By digitally transforming their services, the leading financial institution is able to provide state-of-the-art custodial services to lending institutions and asset-backed issuers within the residential and commercial markets for collateral including: mortgage loans; vehicle loans and leases; equipment leases; timeshare and vacation ownership loans; and home equity loans.
eOriginal’s eAsset Management solution features secure electronic vaulting to eliminate the need of hardcopy paper storage, management, transfer or exchange of documents. The digital management of collateral provides greater efficiency with a simplified workflow and eliminates the costs and storage needs required when custodians accept digitally signed documents, but do not manage, administer or store them in digital format. Moreover.
Within the solution, document custodians have access to tightly control and track permissions, status changes and retention policies of their collateral documents. The solution provides the highest levels of protection and compliance through the use of digital tamper seals and the most detailed audit trail and reporting functionalities available in the marketplace, while meeting the requirements of Uniform Electronic Transactions Act (UETA) and ESIGN, as well as the Uniform Commercial Code (UCC) requirements, Moreover, the solution guarantees the authenticity of the original document and that the integrity of their content is maintained throughout the documents’ entire lifecycle.
“This prominent financial custodian came to us knowing that they needed the best solution on the marketplace, that provided unmatched secure storage and compliance; and that is why they selected eOriginal,” explained eOriginal President and CEO Stephen Bisbee. “As more industries and markets transition their business processes to digital, we eliminate confusion with a proven solution that is UETA, ESIGN, and UCC compliant.”
The eAsset Management solution can also be configured to provide secure and enforceable third party access rights and privileges in accordance with the terms of the custodian and collateral control agreements to provide custodians the ability to access individual collections or portions of transactions.