Secure business transactions help businesses establish trust with customers and guard against reputational and liability. If customers are confident that their data and money are secure with your business, they will be more likely to purchase and become repeat buyers. It is imperative that businesses of all sizes realize the importance of security and take steps to secure their online operations.
IBM provides a variety of solutions that are backed by businesses. Whether you want to digitize your business processes to increase efficiency, or you require a robust solution to combat cyberattacks. IBM offers a range of trusted solutions, such as transaction processing and security software as well as a world-class application server platform that can support several languages.
A secured transaction occurs when a creditor agrees to take personal property as collateral repayment for the loan. This guarantees that the debtor will be able to repay the loan by liquidating the asset. For both borrowers and lenders to be able to navigate secured transactions successfully, it is crucial to understand their rights and remedy, including accessing information, amending rights, default enforcement rules, and more.
The Uniform Code of Secured Transactions (UCC) provides an extensive legal framework for all personal property-related transactions that are secured, however, each state could have specific laws that alter and broaden the scope of UCC Article 9. Knowing the specific laws of each state for each type of security interest is vital for anyone engaged in secured transactions to make informed financial decisions.