Deutsche Bank earlier this week formally announced their launch of eVault – a secure digital repository for exchange of documents – making it the first third-party document custodian to offer solutions for the handling of secure documents for its clients.
Deutsche Bank implemented DocMagic’s eVault in April this year, which establishes a legally compliant method to securely move original electronic files from one custodian to another. The Deutsche Bank eVault service is a legally compliant solution to move original electronic files securely from one party to another, while preserving its unique digital ownership.
The eVault platform 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.
First bank using evault technology
Deutsche Bank is the first bank to make use of the technology, which will empower the bank’s document custody group to take possession of electronically originated assets for clients as the loan market continues to transition to a paperless process.
“With the eVault technology, our Document Custody group solidifies its leadership position as a comprehensive solution provider to handle both current and future market trends, and it is an important step in our overall digitization strategy,” said Thomas Nielsen, Chief Digital Officer for Deutsche Bank’s Global Transaction Banking business. “We continue to capitalize upon the remarkable capabilities afforded by new technologies in order to optimize our clients’ experience. This is just the beginning.”
CTMfile take: This is a classic example of how banks can and should be central to the financial ecosystem. Trusted bank with a trusted operation is the solution.
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