Deutsche Bank has successfully implemented DocMagic, Inc.’s proprietary eVault technology, the companies announced.
Deutsche Bank’s document custody group now is able to take full possession of electronically originated assets for clients through DocMagic’s eVault, which establishes a legally compliant method to securely move original electronic files from one custodian to another.
“Deutsche Bank has an international footprint in multiple forms of lending and servicing, and having a company of their size select our eVault to safely and securely store sensitive loan documents speaks volumes about the bank’s confidence in our technology,” DocMagic President and CEO Dominic Iannitti said in a release. “We are very pleased to partner with Deutsche Bank on a long-term basis to help achieve its servicing goals with our eVault.”
eVault ensures authentication of original documents passing between owners, regardless of how many duplicate electronic files there may be of the same record. It depends upon digital tamper-proof seals and a detailed audit trail that ensures compliance and provides detailed reporting.