VASCO to Demo Digital Lending Process with Blockchain Technology at FinovateFall 2017
VASCO’s eSignLive Digital Lending Solution demo to feature e-signature and e-vaulting with blockchain to provide a distributed means to track transactions in the lending process
OAKBROOK TERRACE, IL and NEW YORK – September 12, 2017 – VASCO® Data Security International Inc. (NASDAQ: VDSI), a global leader in digital solutions including identity, security and business productivity, today announced it will demonstrate a proof-of-concept that brings together e-signature and e-vaulting technologies with blockchain to enable a completely digital lending process that ensures transactions are tracked in an open and transparent way.
The eSignLive™ Digital Lending Solution paired with blockchain has the potential to give banks, lenders and investors complete visibility into the lending process and demonstrate who has legal control over the authoritative copy of the loan document. The combination of technologies can also simplify the tracking and storage of loan documents, from origination through funding, while maintaining strict controls to prove the document’s authenticity and uniqueness as the loan is sold and transferred.
During this morning’s demonstration at FinovateFall 2017 in New York, VASCO will show the completion of an end-to-end loan closing process in real-time. The process will include the electronic signing of the loan contract, the transfer of the loan to a lender in a secure e-vault and the sale of the loan to an investor for funding and fulfilment. Behind the scenes, the use of blockchain ensures that every action taken during the lending process is captured and tracked in an open and transparent fashion.
VASCO has been testing distributed ledger technology like blockchain within its authentication and identity technologies at the VASCO Innovation Center at Cambridge University. The research has focused on applications of the technology for digital identity management with mobile applications and devices. By connecting VASCO’s digital trust capabilities with distributed ledger technology, VASCO aims to further enable secure and trusted digital transactions.
“Financial services organizations are exploring the best uses for blockchain technology, which is why VASCO is developing use cases for distributed ledger technologies across its solutions,” said VASCO Chief Executive Officer, Scott Clements. “Ultimately, VASCO’s mission is enabling trusted identities, trusted devices and trusted transactions in the digital world in a way that benefits our customers and partners.”
For more information, visit www.esignlive.com/products/digital-mortgage-and-digital-lending/digital-lending-solution or https://finance.knect365.com/finovatefall/
VASCO is a global leader in delivering trust and business productivity solutions to the digital market. VASCO develops next generation technologies that enable more than 10,000 customers in 100 countries in financial, enterprise, government, health care and other segments to achieve their digital agenda, deliver an enhanced customer experience and meet regulatory requirements. More than half of the top 100 global banks rely on VASCO® solutions to protect their online, mobile and ATM channels. VASCO’s solutions combine to form a powerful trust platform that empowers businesses by incorporating identity, fraud prevention, electronic signatures, mobile application protection and risk analysis. Learn more about VASCO at VASCO.com and on Twitter, LinkedIn and Facebook.
Copyright © 2017 VASCO Data Security, Inc., VASCO Data Security International GmbH. All rights reserved. VASCO® and eSignLive™ are registered or unregistered trademarks of VASCO Data Security, Inc. and/or VASCO Data Security International GmbH, or Silanis Technology Inc. in the U.S. and other countries. All other trademarks or trade names are the property of their respective owners.
Director of Global Public Relations