VASCO to Demo Digital Lending Process with Blockchain Technology at FinovateFall 2017
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.”