US Bancorp and eOriginal partner to provide document custodian services
US Bancorp's global corporate trust services has partnered with eOriginal, an eAsset Management services company, to provide document custodian services.
Through the partnership, the companies will provide custodial services for firms that issue securities backed by digital assets.
US Bank said that it can now accept and store electronically-signed documents, and serve as custodian for fully-electronic securitization trusts or other similar transactions.
Commenting on the partnership, US Bank Global Corporate Trust Services president Bryan Calder said: "The securitization process has always required significant documentation, so digitization creates an opportunity for issuers to increase efficiency and reduce costs.
"As a leading document custodian, we're pleased to be able to accommodate this growing trend in the marketplace."
Clean energy lender Kilowatt Financial (KWF) has become the bank's first paperless document custody client by using the bank's service for its lending programs.
KWF CEO Matt Melius said: "The new digital document option from U.S. Bank is a great step forward.
"Our industry is on the leading edge in digitalization for the sake of operational efficiency, customer experience, cost savings and environmental sustainability."
Founded in 1996, eOriginal provides the maintenance, control and use of critical documents that have an intrinsic value, such as negotiable instruments, in a fully electronic environment, storing and protecting these assets throughout their entire lifecycle, including post signature execution.
It is said to maintain authenticity of original documents, the identity of the signatories, and the integrity of the content.
Image: US Bank tower in Denver, Colorado. Photo: courtesy of David Shankbone / Wikipedia.