Over the last few weeks a number of colleges and universities have contacted us to talk about how electronic signatures can be a key component in the streamlining of their workflow processes. We’ve spoken with Facilities Management, Student Business Services and Registrar’s Offices that want to convert from paper to electronic documents, optimize processes so they don’t stop for paper, mail, or faxes and how to address compliant document lifecycle management.
While streamlining process is a key to all the efforts, individual departments have specific issues. For example a Registrar’s Office would like to secure student records and transcripts. eOriginal can help Registrars eliminate fraudulent access to student records and transcripts through our rights management capabilities allowing only those employees with privileged access to view or handle records and show an audit trail that documents even attempted access. Facilities Management needs to manage multiple contracts needing multiple signatures throughout the completion of construction projects. eOriginal SmartSign® provides the ability to add and track contracts at different stages within each project lifecycle significantly shortening the time between approval and project completion. The comprehensive audit trail and repository can even help the Advancement Department to secure and archive donations contracts reducing audit exposure.
eOriginal SmartSign® offers the flexibility and security needed to meet the needs of most departments within higher education institutions. From the ability to integrate with systems already in use to reducing the manpower resources and costs associated with traditional paper based processes SmartSign can help your department to streamline its processes and become more efficient.
I am moving a little away from our usual format to ask a few questions and hopefully spur a little thought. I was sitting at my desk early this morning thinking about where am I going to spend New Years Eve, at one of the parties I was invited to or at home with just a few close friends waiting for the ball to drop. Then I got to thinking about all the thought and planning that goes into this one night. Many people will making plans to visits multiple parties, planning out their entire night trying to visit as many people and parties as possible and to as have much fun as possible.
This got me thinking if so many people put so much thought into one night, what if they took the same approach to improving their business processes, optimizing their sales, human resources, procurement processes, etc. What tools would you like to use or adopt, and what are you already doing that you would like to improve?
If the processes you would like to improve require approvals or authentication, electronic signatures will be a key part of the solution. Electronic signatures can help speed up many business processes, cutting costs, and time. For some, already using electronic signatures, it may mean expanding the use of esignatures by incorporating the process in other areas of their business.
So what are going to be doing in the coming year to improve your business processes? I know there are a few things we haven’t thought of, so we’d like to know what you are thinking.
Accompanying the recent feature updates we have made to SmartSign we have also added a few really great improvements to eCore. The eOriginal eCore® platform is already the most complete and secure document repository in the industry. eCore is the hub of our electronic signing solution. It allows our customers to control and track access, status, and retention policies of eSigned documents providing the most protection and complying with most strict regulatory standards.
Along with the recent enhancements we made to SmartSign our electronic signature solution, the updates we have made to eCore are all part of continued effort to provide our customers the most complete end to end eSigning solution. So to provide you with a better picture of how we are doing this, we wanted to provide you with a list of a few new changes.
Enhanced document watermark options to allow you to apply blackout settings to text fields, change the color of signature and text obscure blocks, and add custom text/labels to obscure blocks.
Extended document retention policies to allow multiple retention rules based on status.
Extended the document versioning policies to allow you to retain all versions, signature versions, executable and signature versions, executable and last signature version, or only the latest version.
Added new Document Library, which enables you to upload source documents and signature templates to auto-load and prepare documents for signature when adding a document profile to a transaction.
Added new Transaction Types. Enables you to define a template for transactions. All transactions created from this template will inherit the same initial set of documents, status values and permission sets. When combined with our new Document Library feature, Transaction Types enable you to create a transaction, auto-load documents and prepare them for signature in a single step.
These updates only highlight a few of the changes we have made over the last few weeks to make eCore even more robust and user friendly. We are dedicated to continually developing solutions that will easily integrate and complement your existing business processes and systems, so keep an eye out for even more developments in the coming new year and please don’t hesitate to reach out and ask any questions about how we may be able to help your business.
Staying in tune with the latest advances in technology, proactively seeking feedback from our clients, and staying ahead of the curve on industry developments are just a few of the ways in which we develop and enhance our application’s feature set. So in light of some great customer input, our research, and with many thanks to our awesome development team, we are pleased to announce the latest release of eCore and SmartSign 6 electronic signature solution.
I wish I could outline each and every new feature but that would make for a pretty long post and I know most of you are busy with work and getting everything ready this holiday season, so I’ll pick out a few of my favorites to highlight. Plus if you want to learn more you can always reach out and fill out one of our contacts forms or email me personally here. So lets begin:
Extended support for multimedia signatures beyond simple signature pad formats, you may now capture and bind biometric (retina scan, fingerprint) or voice signatures to your PDF documents.
Data merge for document preparation. You can now add text data to PDF forms (think document prep). For example, after you collect data through an HTML form or other internal system, you can utilize the SmartSign LinkTM web services to merge the data into your forms.
Send notifications to the sender/creator of a transaction. SmartSign already had distribution list notifications, but now all senders can be notified when a signer completes the signature and when the signature process is completed.
Enabled signers to receive “final executed copy” distribution email when all signatures have been completed.
Query for signature status through the SmartSign LinkTM web services. Instantly look up where your documents are in the esigning process.
Define routing order of email invitations to multiple signers/reviewers. This feature allows you to define the order in which users are notified to come into the signing room to complete the signature process.
Improved usability of signature Template Designer, to simplify drag and drop addition of form fields into PDF documents.
Apply appearance properties to text fields in the Template Designer (i.e. font, color, size)
Data Collection - enables you to collect data from users within SmartSign and automatically apply the data to documents in the transaction. This allows you to collect data once from the user(s) and have it applied across the document set within the transaction.
Data Validation - SmartSign Web will ensure accurate data is inserted into the text fields within the document during data collection or signature capture.
Now that you see how busy we’ve been working to build the most complete end to end signing solution you can see why we are so excited. And this is only Part 1 of our feature update series. Look for part 2 early next week where we’ll take a look at a few highlighted updates we made to eCore.
An article published in the New York Times, by Floyd Norris “Are Banks Losing Lots of Documents”, was recently brought to my attention. After reading through Norris’ thoughts and the quotes provided by those featured in the article, it got me thinking about how eOriginal’s electronic process could prevent documents from being lost or forgotten.
In Norris’ article, complaints and concerns ranged from the constant need to mail or fax every single document, to some believing documents are being lost on purpose. Norris does point out, however unlikely that it seems, it is still a common belief.
So this brings us to, how can eOriginal help your company to prevent lost or misplaced documents? The answer is in our SmartSign secure electronic signature and eVaulting applications.
After a customer is prepped and ready to sign your documents, whatever they may be, contracts, NDAs, eMortgages, loan docs, etc., our system will keep your documents in order and track and monitor every action taken against your documents, from when your documents are ready to be signed, to when the eSignature is applied, and throughout the entire lifecycle of your documents.
Our SmartSign eSign application is designed to quickly and smoothly integrate into your business process or systems. The “front end” eSigning tool allows your customers to electronically sign your documents online, allowing your team to execute contracts while they still have your customers on the phone or within minutes after they electronically receive your documents. The entire eSigning process is completed online enabling straight-through processing for your company and greater convenience for your customers. One-time or first call resolution eliminates the need to ship your documents and eliminates the chances of documents becoming lost.
After a document is eSigned, we bind your documents in a digital tamper evident seal then directly deposit your documents directly into our eVault, so there is no opportunity for your documents to get lost in transit or misplaced among other paperwork. The digital seal identifies the final executed document as the original, which is the first step we take to help protect your business agreements and ensure legal compliance.
Once a document is deposited into the “back end” eVault, its processes secure your documents, so that they retain their commercial value by adhering to important legal and regulatory standards. One component of that process that makes our eVault extremely valuable is the exceptional audit trail that follows your documents throughout their entire lifecycle. The audit trail tracks every single action that has been taken against your documents. You’ll have the ability to view and track your document’s progression, status, and complete history. Our eVault also allows you to control access to your documents. Adding another level of security, only those employees or persons with the proper credentials will be able to view and manage your documents. So. in combination with the audit trail and rights access, you’ll always know where your documents are or have been and who has had access to them, eliminating questions like, “Where are my documents?” and “Who say them last?”
Finally your documents can be easily referenced within our secure eVault. Reference identifiers that you define allow you to more quickly query and find the documents you need. No longer will you have to thumb through file after file looking for a document that may have been misplaced; a quick search in our system will be all you need to complete your search.
As the holiday season is quickly approaching, the American business community is waiting to see how much consumer spending will happen to spur the economy. While the amount of consumer spending is in question, one outcome is generally considered gospel-consumers are shopping around for the best deals more than ever and their primary tool is the web, shopping online comparing prices between stores, delivery options and looking for the right gift, deal, or idea. When they do find what they want they move directly to payment and arranging shipping.
And, because business people are consumers too, they get frustrated when they can’t have the same experience in their business life. While many of their business processes have been highly automated, the final steps of executing a contract or gaining formal approval degenerates into time consuming, expensive starts and stops as they have to revert to mailing, faxing or express shipping paper to get signoffs.
So, while I was thinking what to get all my family and friends this holiday, looking at what they do, need, or what would just make things a little easier, all this personal shopping led me to ask myself the question, “What are businesses doing this holiday season to give themselves and their customers the same convenience they get in their personal life?
Adding electronic signatures into a company’s business process will be “the gift that keeps on giving”. As over-used as that statement may be, electronic signatures will keep giving back to your company throughout the year by improving efficiencies, saving money, and allowing your team to close more deals faster. Your sales team will be able to get documents delivered, signed, and returned in hours or minutes, instead of days or weeks.
eOriginal’s SmartSign solutions will greatly reduce or eliminate shipping and storage costs since the entire process is completed online and documents automatically stored in our secure eVault. Plus, as an added bonus, all documents can be easily referenced for a quick find. I’m sure those responsible will love not having to flip through file after file, a gift within itself for anyone whoever has ever had to flip through hundreds of documents.
Not only will electronic signatures be a great gift for your company to implement, but an equally great present for your customers. Because your customers will be able to electronically sign your documents almost immediately, they’ll be able to quickly take advantage or your products and services, improving on customer service and satisfaction.
So all you Project Managers, Business Analysts, CEOs, CIOs, IT managers, and every other person looking to give your business that extra edge, you may want to ask how eOriginal® can bring some holiday cheer to your business by talking with us about our SmartSign products and services.
As more mortgage and real estate brokerages, lenders, title and real estate agents migrate to electronic mortgages, it is extremely valuable for them to understand and be articulate about the legal compliance requirements and the protections afforded the participants in an electronic mortgage process. eOriginal, already fully compliant, has addressed the issues within the mortgage industry including recent amendments to the Truth in Lending Act (TILA) known as the Mortgage Disclosure Improvement Act of 2008 (MDIA) and the Mortgage Industry Standards Maintenance Organization (MISMO) for the creation, execution, transfer and storage of electronic mortgages.
To provide our readers and those in the mortgage industry with more resources and a better understanding of the legal framework regarding eMortgages, we wanted to pass along this excellent presentation by Margo Tank Esq., a Partner at BuckleySandler, LLP . Ms Tank is an expert in compliance within the mortgage industry and the regulations governing electronic financial services transactions. The presentation outlines the legal requirements for electronic signatures and records specifically within the mortgage industry, including establishing control of Transferable Records for securitization and sale on the secondary market.
eOriginal would like to thank Margo Tank for allowing the use of her presentation. Note: An eMortgage is an electronic mortgage where the loan documentation is created, executed, transferred and stored electronically.
BALTIMORE (October 21, 2009) eOriginal Inc., a leader in electronic signature, evaulting and electronic transaction solutions, is proud to announce its sponsorship of the Equipment Leasing & Finance Foundation’s recently released 2009 State of the Equipment Finance Industry Report, a comprehensive study identifying current industry trends and short term outlook for the U.S. Equipment Finance industry.
The study was developed using key insights gathered from conversations with equipment finance executives responding to questions on the current economic environment, credit conditions, regulatory issues, industry trends, and asset management while also combining information collected from various databases
Key Findings Included:
Capital is limited; only firms with the highest credit ratings are eligible for the Federal Reserve’s Term Asset Backed Securities Loan Facility (TALF)
Due to limited credit, banks are in the strongest position, while independent firms run the highest risk of being driven out of the industry leading to increased consolidation within the industry
2009 Survey of Industry Activity respondents reported the strongest activity in large-ticket leasing.
Charge-offs and delinquencies are up significantly from 2007 levels. While credit quality has continued to deterioratein 2008 and through the first half of 2009.
However, positive signs are showing for the second half of 2009. Stabilization in the economy is pointing towards business investments stabilizing within the equipment leasing industry. Respondents reported an optimistic outlook about returning to growth in the first half of 2010 and are confident that the fundamental offering of secured lending and equipment leasing will continue to be key vehicles for businesses to acquire new equipment.
About The Equipment Leasing & Finance Foundation
The Equipment Leasing & Finance Foundation, established in 1989 by the Equipment Leasing Association, is dedicated to providing future-oriented, in-depth, independent research about and for the equipment finance industry. Information involving the markets, the future of the industry and the methods of successful organizations are researched to provide studies that include invaluable information for developing strategic direction within your organization.
About eOriginal
eOriginal provides advanced electronic signature, vaulting and electronic transaction solutions which are tamper-sealed, auditable and legally enforceable. eOriginal SmartSign® enables compliance with the eSignature requirements of the ESIGN Act, UETA and the UCC. eOriginal has provided secure, verifiable execution, delivery and management of commercial loans, leases and other financial industry documentation for over a decade. eOriginal customers, including top-tier financial institutions, have processed millions of electronic signatures on documents without a single system error or legal challenge.
We realize that many businesses are just exploring the idea of adding electronic signatures into their business processes. We also realize that many businesses have already considered utilizing electronic signatures as an option and still have a few unanswered questions. To address these questions, we created this guide “Electronic Signatures: Why Your Company Should Move to a Paperless Process,” to provide a deeper look into electronic signatures and how eOriginal can help your company to grow. It will provide you with a detailed walk-through of the advantages and benefits your business will see by implementing an electronic paperless process. As you read through please let us know if you have any questions leave a comment or contact us; we’ll be more than happy to help out.
The FHA is experiencing unprecedented growth increasing their market share from 3% to 35% in a relatively short period of time. This growth has prompted the FHA to seek efficiency enabling them to be more competitive and responsive to the industry’s trends. Realizing the benefits associated with a paperless process, the FHA is working to establish guidelines and procedures for the use of electronic signatures and records for the FHA insurance case binders.
What does this mean for the mortgage industry? Margo Tank, Partner at Buckley Sandler LLP and counsel to the Electronic Signature and Records Association (ESRA), believes that FHA’s decision to embrace technology is significant for the agency and for the mortgage industry for a number of reasons:
Forward Thinking. The FHA’s thought-leadership in developing a set of guidelines designed to expedite the use of electronic records and signatures will establish the FHA as an innovative leader in the mortgage industry.
Accelerate Electronic Adoption. Many lenders are ready to embrace the use of electronic signatures and records but have been slow or reluctant to do so due to a lack of regulatory guidance and acceptance. Agency guidance will with out a doubt drive the use and acceptance of electronic signatures and records by the numerous entities that are part of the mortgage loan process.
Flexibility and Improved Customer Service. Through the incorporation of electronic signatures and the acceptance of electronic records, the FHA can be responsive to market demands and the need for change in the industry to stay competitive. Greater efficiency and reduced processing costs will enable the FHA to better serve its clients.
Enhanced Data Security. Electronic signature processing and records management will make sensitive customer information more secure. In today’s world, clients want the assurance that their information is protected.
In developing these guidelines, FHA understands the benefits of increased efficiency. Their goal is to move to a entirely paperless process, allowing them to fully realize the many benefits of technology, including transparency and reduced costs.
