A deposit bond provider has launched a digital deposit bond to enable property purchasers to have their deposits issued on their digital devices.
Deposit Assure has launched what it said is Australia’s first digital deposit bond to enable those who want to purchase property to secure their home deposits on their smartphones or digital devices.
The paperless product will streamline the existing process so that verifiable deposit bonds can be issued, certified and claimed immediately using an encrypted digital exchange.
According to Deposit Assure – which offers home buyers the option of deposit bonds to secure a property without having immediate access to a deposit – the digital deposit bond platform includes security features such as advanced file encryption, access control, dynamic watermarks, print and download restrictions, and QR technology to verify authenticity.
Commenting on the launch of the platform, for which Deposit Assure received support from QBE, the provider’s CEO, Etienne Rizzo, said the platform can be accessed and verified online from any device.
“This technology gives all these parties the ability to instantly exchange a 100 per cent verified digital deposit bond from their device, without resorting to posted mail.
“This is all about speed, reliability and security in what can sometimes be a frustrating and time-consuming process caused by missed paper document deliveries and signings, delayed flights, and other complications that cause unnecessary stress.”
Mr Rizzo added that delays or oversights in printed documents and physical deliveries run the risk of a property contract not being accepted by vendors.
“We’re incredibly excited to be solving these issues by offering instant, highly secure and legally compliant digital deposit bonds to property buyers for the first time,” he said.
“We expect they’ll be a popular option in 2021 as aspiring home owners progressively become aware of them.”
The launch of the platform was welcomed by Australian Institute of Conveyancers Division CEO Chris Tyler, as the institute continues to digitise key processes in the conveyancing transaction.
[Related: Deposit bond provider updates policies]
Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.
Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.
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