London-based RegTech startup docStribute has joined forces with Penrith Building Society to make their best-in-class DLT solutions available to Penrith members. 

docStribute solutions are soon to be available to Penrith Building Society members, reducing carbon emissions by 98% compared to current processes. Penrith members will receive the many benefits of docStribute’s DLT solutions such as documents being immediately accessible digitally, simplifying the communication of sensitive documents between members, while increasing document security through a three-factor verification check each time a document is opened.

As part of their commitment to sustainability, for each new mortgage, Penrith Building Society will also arrange to plant an oak tree which can offset approximately 0.17 of a ton of carbon emissions per year. Penrith Building Society will be using docStribute solutions to deliver documents such as welcome packs and statements via secure immutable hyperlinks to their members, 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.

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 - Penrith are industry-leading in deploying our solutions. When using our technology, a 3-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.”

“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 choice for our members,” comments Tim Bowen, CEO at Penrith Building Society.

Louise Watt Technology and Operations Executive at Penrith Building Society adds “We have an ongoing commitment to drive forward efficiencies in our business, for the benefit of our members, staff and other stakeholders. The partnership with docStribute will allow us provide a secure digital communications channel with our members, streamlining member journeys, reducing response times and importantly both members and the Society can be assured that their data is protected and communications are secure and immutable”

docStribute 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, 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. docStribute helps businesses in a multitude of sectors streamline working practices while ensuring that they meet regulatory requirements.

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.

The docStribute and Penrith Building Society partnership closely follows docStribute becoming available on Mia-Platform Marketplace, as well as docStribute’s deals with global technology behemoth Salesforce to make its Document Distribution and future Digital Signature solutions available to its 150,000+ customers and the UK Government’s Crown Commercial Service (CCS) to be listed as a G-Cloud 13 supplier, making docStribute technology available to over 52,000 public sector and third sector organisations.