Electronic document and signature technology developer IMM will begin offering e-vault capabilities through an integration with transaction management software provider eOriginal.
IMM already integrates its technology with core banking systems and lending platforms to provide e-signature and document management capabilities for consumer debt products like auto loans, credit cards and lines of credit. The new arrangement with eOriginal will provide the community banks and credit unions that use IMM's electronic document management and e-signature platform the ability to secure and track digital files that serve as the authoritative copies in financial transactions.
"In a highly regulated environment, it is crucial for financial institutions to establish and maintain control of transferable, electronically signed documents sold or pledged to investors," said Steve Bisbee, president and CEO of eOriginal, in a press release. "This is facilitating improved security and compliance for IMM customers while also ensuring they retain full accessibility and control of their documents and contracts."
The federal Electronic Signatures in Global and National Commerce Act and the state-level Uniform Electronic Transactions Act contain authentication and storage requirements for "transferable records." Like their paper-based equivalent — called a "negotiable instrument" under the Uniform Commercial Code — possession of an original transferable record is required to substantiate a creditor's claim to a debt.
Records like a loan's promissory note that are created, signed and stored electronically need to be protected with tamper-evident seals stored in an e-vault that tracks ownership and ensures that copies of the record are designated as duplicates, the rules say. IMM and eOriginal say their combined technology can be used to meet this requirement.