Article: Digital Surety Bonds
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Digital Surety Bonds
Electronic bonding is the way of the future for the surety bond industry. Filing a surety bond electronically will allow agencies to issue a bond and the principals to obtain their bond in a shorter period of time. However, I think the use and integration of such a system is still a long ways off.
The technology is available, as well as the desire for such a system. What is holding the industry back? There are two major factors that keeps digital bonding from becoming a reality.
* Lack of organization of the sureties to create a standard for such a system.
* Acceptance of digital bonds by the obligees.
The bonding companies must get together to create this system. A handful of the largest sureties would be able to get other bonding compan...
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