In its efforts to keep innovating, Absa Home Loans is implementing an online data storage system which is a trusted, secure and convenient way for customers and institutions to store important documents online. Stordoc will also be used for identification management and for compliance purposes, including FICA. Absa Home Loans is confident that Stordoc will streamline its operations to obtain certain efficiencies.
Making the announcement, Luthando Vutula, Managing Executive for Absa Home Loans said: "We are quite confident that we would get to the point in 2010 where the majority of our documents will be received, stored and verified electronically from our attorneys offices to ours." He added that one of the biggest challenges for banks is the quality of FICA records. The Stordoc solution will also bring benefits to our customers, enabling us to make the FICA process easier and more seamless. L@W has spent three years developing this solution. Heralding the solution, Simon Slater of L@W Compliance said that the Stordoc solution guarantees the quality of all compliance documents.
"For the customer, Stordoc offers major advantages giving them the ability to store any personal documents securely and to present their compliance documents for FICA or RICA verification easily. Personal or corporate documents are properly verified, certified and uploaded once and can then be accessed via their Stordoc card," he added. Vutula concluded that Absa will always seek new initiatives to innovatively deliver solutions to our customers.
Absa Head: Media Relations
Law Compliance (Pty) Ltd