MINNEAPOLIS--(BUSINESS WIRE)--Sep. 24, 2015--
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. Bank
U.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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150924005070/en/
Source: U.S. Bank
Pat Swanson, U.S. Bank Corporate Communications
(816) 871-2394, patrick.swanson@usbank.com