U.S. Bank Global Corporate Trust Services Partners with eOriginal for Document Custodian Services
September 24 2015 - 11:00AM
Business Wire
U.S. Bank Global Corporate Trust Services, one of the country’s
largest document custodians, is partnering with eOriginal to
provide custodial services for firms issuing securities backed by
digital assets.
When a firm issues an asset-backed security to investors, it
must appoint a custodian to hold documentation for the collateral
owned or pledged to a trust. The collateral and associated
documents vary and can include equipment leases and auto loans and
leases, among others. Through the new partnership with eOriginal,
U.S. Bank is now able to accept and store electronically-signed
documents, and serve as custodian for fully-electronic
securitization trusts or other similar transactions.
“The securitization process has always required significant
documentation, so digitization creates an opportunity for issuers
to increase efficiency and reduce costs,” said Bryan Calder,
president of U.S. Bank Global Corporate Trust Services. “As a
leading document custodian, we’re pleased to be able to accommodate
this growing trend in the marketplace.”
Minneapolis, Minn.-based clean energy lender Kilowatt Financial
(KWF) signed on this month as the bank’s first paperless document
custody client, using the bank’s service for its lending programs.
KWF provides consumers with affordable financing choices for
residential solar systems and energy-efficient home improvements so
that more people can run their homes cleanly and economically.
“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,” said Matt Melius, CEO of
KWF.
About U.S. BankU.S. Bancorp (NYSE: USB), with $419
billion in assets as of June 30, 2015, is the parent company of
U.S. Bank National Association, the fifth largest commercial bank
in the United States. The Company operates 3,164 banking offices in
25 states and 5,020 ATMs and provides a comprehensive line of
banking, brokerage, insurance, investment, mortgage, trust and
payment services products to consumers, businesses and
institutions. Visit U.S. Bancorp on the web at usbank.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20150924005070/en/
Pat Swanson, U.S. Bank Corporate Communications(816) 871-2394,
patrick.swanson@usbank.com
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