Durable Medium ProService Finteco platform – safe access to documents with a guarantee of integrity and immutability of records, also after the end of the client’s cooperation with a given institution.
A durable medium is a legal concept introduced by the European Union in 2017, requiring financial institutions to provide their clients with documents using a durable information medium, which guarantees the invariability of records and access to them also after the end of the client’s cooperation with a given institution.
Access to documents on a durable medium is available on the Durable Medium ProService Finteco platform. It guarantees the integrity, security and non-repudiation of the information stored in the stored documents.
The document published on the Durable Medium ProService Finteco platform is divided into encrypted fragments, of a fixed size, and then these fragments are separately recorded in transactions on distributed registers. Submitting the original document as a whole requires downloading information and relevant fragments from the Platform, which can only be done by the institution and the client of this institution.
The Durable Medium platform has all features of a durable medium such as WORM matrices, but it guarantees much lower costs of implementation and maintenace. In addition, contrary to the WORM matrix – it ensures: the lack of possibility to remove documents, multi-node clusers of efficiency and reliability, as well as the high level of re-duplication of the document content.
ProService Fintence ensures access to the Platform in the Managed Services model, using own data processing centre. ProService Finteco ensures the Platform clients with access to documents also after ending the client’s relation with the financial institution. The institution only has to ensure the proper interfaces for transferring docuemnts to/from the Platform. It is also possible to share client’s documents to the institution through the platform of this institution (e.g. online banking) via API to the Durable Medium platform.
The functionality allows replacing the traditional mass mailing to investment fund clients by providing access to the content of transferred information using the so-called durable medium meeting the requirements specified in art. 2 clause 2 point 41 of the Act on investment funds and management of alternative investment funds. The customer gains access to the information stored in the file through the distribution system (e.g. STI 24) or a link transmitted by SMS or e-mail.
The file is placed on a specially prepared platform that provides:
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