UK-based RegTech platform docStribute has teamed up with Penrith Building Society, providing Penrith’s clients with access to DLT solutions.
Through the DLT technology, Penrith members can benefit from documents being immediately accessible digitally, simplified communication of sensitive documents between members and more. The technology also boosts security through three-factor verification checks each time a document is opened.
Penrith is using the docStribute solution to deliver documents, such as welcome packs and statements, through secure immutable hyperlinks to clients. It hopes this will reduce the time staff spend on document preparation and reduce its carbon emissions.
As part of its sustainability efforts, Penrith said it is planting an oak tree for each new mortgage. It claims this will offset around 0.17 of a ton of carbon emissions per year.
Penrith technology and operations executive Louise Watt added, “The partnership with docStribute will allow us provide a secure digital communications channel with our members, streamlining member journeys, reducing response times and importantly both members and the Society can be assured that their data is protected and communications are secure and immutable”
docStribute uses a distributed ledger technology that uses a decentralised public network, hashgraph, a secure and shared database that everyone can read from and write to, and a faster, more secure alternative to blockchain.
Through its dSend platform, secure links can be sent in the body of emails that direct the recipient to an immutable digital version of the document in their web browser, which can then be downloaded if requested.
docStribute CEO Chris Ansara said: “We are excited to work with Penrith Building Society. We share a desire to reduce the use of paper and reduce emissions in the financial sector. DLT is an alternative to paper communication and is certainly more environmentally friendly – Penrith are industry-leading in deploying our solutions.
“When using our technology, a 3-factor verification check is completed each time a document is accessed, so Penrith members are safe in the knowledge that documents and contracts are secure.”
In other RegTech news, global identity verification provider ID-Pal has partnered with Keystone Property Finance, a buy-to-let lender, to bolster the latter’s onboarding for mortgage brokers and borrowers.
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