SmartVault Website Glossary
An admin (administrator) user is someone who can make changes in SmartVault document management system that will affect how other users access or use SmartVault.
Americans with Disabilities Act (ADA)
Online or digital documents must be accessible to those with disabilities, including those who are audibly and/or visually impaired. This includes ensuring PDF documents are translated into ADA-compliant documents or are presented in HTML or other web-based formats to meet compliance requirements.
An authoritative copy is the digital record of an original and unique document that evidences a monetary obligation and a security interest in specific goods, which has not been altered since it was signed and vaulted.
Automatic File Locking
A file is automatically locked as soon as you open it in your document management system (DMS) to keep other users from editing the document simultaneously. Any other users are informed that the file is locked for editing. The file automatically unlocks when closed, making it available to other users.
Manual tasks are automated. These tasks can include things like requesting client documents, onboarding clients, and distributing documents in bulk (see Request Docs).
This is an automatically-created record of everything that happens in your document management system (DMS) or software. These records—or audit trails—are required to prove compliance with regulations like HIPAA.
Bulk Send Files
Sometimes you’ll need to send a bunch of documents at once—either to one client or many. A DMS should enable you to distribute documents in bulk to one or all of your clients in a single step.
California Consumer Privacy Act (CCPA)
The California Consumer Privacy Act (CCPA) is a state law that went into effect on January 1, 2020. This law provides California residents (consumers) more control over their data. It requires companies to be more transparent with what data they are collecting and how they are using that data.
Certified Vault by SmartVault
The Certified Vault is a SmartVault add-on feature that offers the ability to request signatures on documents that become the immutable Authoritative Copy which meets the UCC 9-105 requirements.
A client portal is a secure, private, and authenticated online platform that seamlessly connects the business with its customers and creates a safe place to send and receive information.
Cloud-Based Document Management System or Software
Instead of using an on-premise network (like your local PC), a cloud-based document management system stores the data on remote servers that are hosted on the web. A third party is responsible for maintaining the physical storage facilities and ensuring the safety and security of the data. As a user, you just upload your documents and files to the cloud, and the software provider takes care of the rest. This makes the data more secure and allows users to access the information on the web 24/7 from wherever they are located.
The Connected Desktop is where you upload, download, scan, edit, generate, and send documents for specific clients.
This is the process of safeguarding digital data from unauthorized access, theft, and/or corruption.
In the context of financial services and lending, a digital asset can be an e-contract of a mortgage or an e-contract of goods and services such as automobiles, boats, or other high-value equipment.
Companies that implement new digital processes, software, systems, or tools go through a process called Digital Transformation.
Document Management System (DMS) Data Migration
A DMS Data Migration is the process of moving your data from one software to another. For example, importing your clients from Lacerte and ProSeries into Smartvault.
Document Management System
Document management software (also known as a document management system or DMS) allows companies to quickly and easily store, organize, access, and share documents online.
You can turn hardcopy paper documents into digital files by scanning them into your document management system. Your system ideally automatically routes the files into the correct client folder to save you time.
The process of encoding information, encryption converts the original representation of the data into an alternative form so that only authorized parties can understand the information.
Also known as an electronic signature, an eSignature is a legal way to sign electronic documents quickly.
Federal Trade Commission (FTC)
The Federal Trade Commission (FTC) is a United States federal regulatory agency that monitors and prevents unfair, deceptive, or anticompetitive business practices. The commission has three goals: protect consumers, maintain business competition, and advance FTC performance.
SmartVault allows you to view and download previous versions of a document. Even if a file has been infected with a virus or encrypted by ransomware, you can log in to your online SmartVault account and revert to a previous, non-infected version without putting your computer at risk.
Financial Industry Regulatory Authority (FINRA)
FINRA is a government-authorized organization that oversees United States broker-dealers. The organization helps ensure that the broker-dealer industry operates fairly. FINRA is the successor to the National Association of Securities Dealers, Inc. (NASD).
Full Text Search
Full text search allows users to search on file names, tags, and even the text within the files, so you can find the file you need it quickly.
General Data Protection Regulation (GDPR)
GDPR, or the General Data Protection Regulation, became effective on May 25, 2018. Simply put, EU citizens now have greater say over what, how, why, where, and when their personal data is used, processed, or disposed of. GDPR clarifies how the EU personal data laws apply even beyond the borders of the EU.
Gramm-Leach-Bliley Act (GLBA)
This Act requires financial institutions to explain how they share information to their customers and safeguard their data. A financial institution is any company that offers consumers financial products or services.
A SmartVault or document management system guest user is someone outside your business that you want to share files with. In SmartVault, these users can upload/download files and create, edit, and delete files.
Health Insurance Portability and Accountability Act (HIPAA)
The Health Insurance Portability and Accountability Act (HIPAA) is a federal law requiring health care organizations to develop, implement, and maintain administrative, technical, and physical safeguards to protect the security, integrity, and confidentiality of patient information. Under HIPAA, covered entities include health plans, health care clearinghouses, and health care providers regardless of size who electronically store or transmit any health information in connection with any transactions for which HHS (Department of Health and Human Services) has adopted a standard.
Integration connects systems/software/tools together. For example, you can integrate SmartVault document management system with Quickbooks, TaxCalc, DocuSign, and more!
Knowledge-Based Authentication (KBA)
KBA—knowledge-based authentication—is often used in Two-Factor Authentication (2FA). It’s an authentication scheme that requires the user to answer at least one “secret” question. KBA is based on knowledge that the individual has. KBAs are also used for eSignature purposes. This method requires the recipient to answer detailed questions about themselves, based on data available in public records (such as their current and former addresses).
With a mapped drive, you can work with your online document storage from Windows Explorer–a files and folders tool you probably use every day.
Multi-Factor Authentication (MFA)
MFA requires users to enter at least two credentials to verify their identity before they gain access. See Two-Factor Authentication (2FA).
Online Document Storage
Many companies are going paperless by implementing a more convenient and secure document storage solution powered by cloud technologies. With online document storage and management, you can streamline how you work and easily access your documents whenever—and from wherever—you need to.
On-Premise Document Management Systems
These are hosted by a physical device or a piece of equipment that you own, like a USB, portable hard drives, personal computers, and even file cabinets.
Instead of hosting your data on the cloud (or web), everything is housed in a local server that you or your employees maintain.
Simplify the way you request, collect, and track documents when you use a document management system that has a robust Request Docs feature. With Request Docs, businesses can quickly ask clients to send specific documents, track the activity, and manage everything in one place.
A paperless business is one that uses the web and digital files to store, share, and organize data electronically. Not only is this better for our environment, but it also saves you time filing, organizing, and keeping track of paper records that can quickly get lost.
Personally Identifiable Information (PII)
Personally Identifiable Information (PII) is data that can potentially identify a specify person, such as name, address, social security number, email, phone number, etc. PII is protected under the Federal Trade Commission Act (FTC Act).
A document management system (DMS) should allow users to print files to PDF from any application. The DMS should automatically save the PDF file to the right client folder on the DMS.
Secure File Sharing
When your documents and media files are stored in a cloud-based document portal, you can easily share files with others online by sending them a secure link directly from the portal. No more sending and receiving sensitive documents through emails. This protects your business and clients’ information with a secure file sharing and exchange platform.
Secure Sockets Layer (SSL) Encryption
SSL is an encryption-based security protocol. While your data is in transit, anyone who tries to intercept it will see randomized characters that are basically impossible to decrypt. Your document management software should have SSL to keep your data secure.
Two-Factor Authentication (2FA)
Two-Factor Authentication—also known as 2FA—requires identify verification beyond your basic login credentials (email/username and password). This additional piece of information that is used to verify your identity can be something like a personal identification number (PIN) or one-time passcodes sent to your email address or mobile phone number via SMS.
UCC 9-105 Compliance
Your document management system should help you comply with UCC 9-105 mandates by providing storage for authoritative copies. The Certified Vault is a SmartVault add-on feature that offers the ability to request signatures on documents that become the immutable Authoritative Copy which meets the UCC 9-105 requirements.
U.S. Securities and Exchange Commission (SEC)
As an independent agency of the U.S. federal government, the SEC maintains fair and efficient markets and facilitates capital formation to protect investors. It enforces federal securities laws and regulates the securities industry, electronic security markets, and the U.S. stock and options exchanges. The SEC was created in the Securities Exchange Act of 1934.
A workflow is the process you follow to complete tasks, such as requesting documents, storing files, onboarding clients, etc.
Automating your workflow means making routine, repetitive tasks automatic. This includes things like creating templates and files for clients, onboarding clients, storing files, and requesting documents.