Business

Penrith Building Society Sign Up For DocStribute’s Distributed Ledger Technology

News TeamFebruary 2, 202337 Comments01k

Cumbria-based Penrith Building Society (https://www.penrithbs.co.uk) have become the most recent company to partner with London-based RegTech startup docStribute (https://www.docstribute.com), a secure digital signing and document distribution solution. This partnership will make docStribute’s distributed ledger technology (DLT) solutions available to Penrith members, providing a secure digital communications channel, increasing efficiency and security while promoting sustainability.

When using docStribute’s tech solutions, Penrith Building Society’s carbon emissions will be reduced by 98% compared to current processes. Other benefits that Penrith members will receive include documents being immediately accessible digitally which simplifies the communication of sensitive documents between members, while increasing document security through a three-factor verification check each time a document is opened.

Through docStribute, Penrith Building Society will be able to deliver documents such as welcome packs and statements via secure immutable hyperlinks, significantly reducing the time their staff spend on preparing paper documentation, and simultaneously reducing their carbon emissions and making important information more accessible for their members. They will use docStribute’s full product suite, which will simplify and streamline the member onboarding experience for mortgages, rapidly improving the speed with which Penrith can advance funds to their members.

Tim Bowen, CEO at Penrith Building Society, comments: “At Penrith Building Society, we are passionate about protecting the environment. We have been partnered with Greener Every Day to help offset our new mortgage customers’ carbon footprint, and this new partnership with docStribute will help us further act on our environmental values by reducing our paper usage and therefore our carbon footprint. We also look forward to conducting our business communications in a more secure and efficient way through docStribute’s quality DLT services, particularly its future digital signature solutions, which will enable us to simplify and streamline members’ onboarding experience, offering more choice for our members.”

docStribute helps businesses in a multitude of sectors streamline working practices while ensuring that they meet regulatory requirements. The company uses a distributed ledger application that utilises a decentralised public network known as hashgraph, a secure, shared database that everyone can read from and write to, and a faster, more secure alternative to blockchain. Through dSend (www.docstribute.com/dsend), 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.

Many industries, such as the financial and legal sectors, often have to exchange documents in physical format. dSend makes the document exchange process easier by allowing even the strictest organisations to leverage digital documents through immutable hyperlinks.

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. When using our technology, a three-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.”