Safe and Trusted Durable Medium and e-Statement Tool

The Challenge - Durable medium vs electronic document management system

Swift increase in digital solutions across the globe is a fact. From financial services, through insurance to telecommunications, customers like the convenience of digital communications. But going truly paperless comes along with some challenges. Customers must be informed of everything - from policy changes to interest rate notices and payment schedules - on paper or other durable medium. For digital communications, this usually means companies need to ensure:

• Original documents can’t be changed or deleted
• Changes to active customer documents and contracts can be published at the appropriate point in time

• Individuals can access their documents in the future even if they are no longer customers

The Need - Compliance with regulatory requirements

Failure to meet the criteria for durable medium has already led to sanctions by regulators. These include: returning to paper communications until firms demonstrate compliance, refunding additional money received during the time when communications were not compliant, large fines such as those levied in Austria. In their initial investigations, regulators found many banks in Europe were not operating under compliant durable medium policies.

The Solution

What is a durable medium?

Durable medium is a medium that is used by firms to provide documents to customers. Companies must ensure that the content of the document remains unchanged and is available even after the end of the contract with the customer. The purpose of a durable medium is to secure both parties taking part in a transaction against unauthorized changes in the agreement.

How Trudatum by Coinfirm can help

Trudatum by Coinfirm enables securely manage digital assets workflow, ensuring that regulatory requirements are met. It is impossible to modify these documents once they have been issued, so it keeps a record of every customer’s file from its original version.

This technology has proved to be vital, with PKO BP reducing usage of documents by 11 million and thus saving nearly EUR 4,5 million.

Other high-profile customers, such as Europe’s leading insurance company Link4, have also adopted this technology, which is a clear testament to its quality, functionality and security.

Trudatum by Coinfirm can be applied anywhere that a secure record of information is required.