The facilities management department at one of the top, private U.S. universities has selected eOriginal, Inc., a leader in electronic signature, vaulted repository, and electronic transaction management solutions, for an electronic signature and repository solution to be integrated with their budget approval and workflow system.
eOriginal was selected by the university after a competitive review that focused on security, compliance, deployment, configurability, and extensibility criteria. The integrated solution spans all sections of the university and is expected to dramatically streamline budget workflow processes and ensuring compliance while also improving recordkeeping with eOriginal’s comprehensive audit trail.
The previous paper-based process was subject to frequent delays and errors slowing construction and maintenance projects. The flexibility to add, manage, and track contracts at different stages within each contract and project lifecycle significantly shortens the time between approval and project completion.
“Universities are becoming extremely aware of the benefits of electronic signatures to streamline processes,” said Mark Schneider, Vice President of Sales for eOriginal. “They are also increasingly aware of the value of using a vaulted repository for material documents to ensure legal compliance and reduce their audit exposure.”
About eOriginal. eOriginal SmartSign® enables compliance with the eSignature requirements of the ESIGN Act, UETA and the UCC. eOriginal has provided secure, verifiable, and legally enforceable electronically signed documents and transactions for financial services, insurance, government, healthcare, and education for over a decade with out a system failure or legal challenge while processing millions of transactions representing billions of dollars.
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.
Have a happy and safe New Year.
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.
Rio Queen Citrus, Inc. Selects eOriginal SmartSign® for Employee Onboarding
BALTIMORE, MD (Vocus/PRWEB), December 9, 2009 - eOriginal Inc., a leader in electronic signature, evaulting and electronic transaction solutions, was instrumental in the Rio Queen Citrus streamlined hiring process that can cover up to 1,700 annual hires.
The integrated multilingual onboarding solution uses straight-through processing enabled by eOriginal SmartSign® Web which auto-populates four human resource workflows for electronic signatures on employment documents including I-9 and W-4, and company policy forms, then vaults a digitally-sealed, tamper-proof record that maintains the integrity, confidentiality and life cycle management of Rio Queen Citrus HR records.
“Processing hire documents through eOriginal SmartSign® has definitely streamlined the workflow. Our human resources and payroll departments across various locations now have instant hire information,” said Sandy Silva, Director of Human Resources for Rio Queen Citrus. “Our endless stacks of employee hire documents have disappeared and not only have we eliminated paper, we can now easily and instantaneously retrieve employee documents within our electronic vault.”
“SmartSign Web was designed for easy integration into our customers’ workflow so they can realize the full benefits of automation,” said Bryan Caporlette, eOriginal’s Chief Technology Officer. “The ultimate goal is not just to speed up the process, but to complete it in a single step that complies with business and regulatory requirements.”
About Rio Queen Citrus, Inc.
For over 39 years, Rio Queen Citrus, Inc. has been growing, packing and marketing citrus. This third generation, family-owned business has expanded from a 20-acre citrus grove in Mission, Texas to the present-day management of over 5,000 acres of citrus and 1,150 acres of onions across the Rio Grande Valley of South Texas. For additional information about Rio Queen Citrus, go to www.rioqueencitrus.com, email sales@rioqueencitrus.com or call 956-205-7300.
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 millions of documents without a single system error or legal challenge.
To learn how eOriginal can streamline your business processes, visit www.eoriginal.com or call 410 895-7699. Subscribe to the eOriginal blog at blog.eoriginal.com. Follow eOriginal on Twitter at @eOriginal.
John Jacobs
Account Manager
What makes a successful business in today’s world? I have spent countless nights asking myself this very question. From front-line salespeople to high-level executives, businesses around the world are actively trying to embrace new technology in hopes that they can streamline their processes and become more efficient using fewer resources.
Using electronic signatures and eOriginal’s Smartsign solutions; businesses are able to simplify, speed up and streamline their entire business process enabling straight-through processing that saves time and money. Simplicity is the key to quickly implementing electronic signing into your current process enabling your organization to see the benefits and savings right away. This is how it works;
Step 1: You send (contracts, applications, agreements, internal forms, budget approvals)
Step 2: Your Customers eSign (electronically signing your documents is a simple, fast and EASY process for your client/signer)
Step 3: Receive a signed, legally enforceable document within minutes (that’s right-it’s DONE!)
eOriginal Smartsign® Web simplifies electronic signatures, providing a fast and easy way to decrease closing time and increase revenue. Many businesses are already taking advantage of this unique, competitive advantage by completing processes in minutes that would normally take days or even weeks. If that’s not convincing enough for you, by the time you have finished reading this article, eOriginal could have already assisted you in having dozens of documents signed, sealed and delivered. For more information please contact us.
Val Daly
Director, Customer Services
The eOriginal SmartSign Web solution is a SaaS offering that can be accessed with zero integration, full integration, and anywhere in-between. The level of IT involvement is a function of the business processes that will utilize the signature service. Regardless of the deployment method selected, the SmartSign signature service rides on the most industrial strength, secure platform in the industry and provides the most robust path for growth and deployment method transition.
Standard On-boarding:
Document Preparer Website
- Upload Documents
- Configure Signing Requirements
- Send Signing Invitations
- Monitor Signing Progress
Hosted Signing Room
- Accessed via Email Invitation
- Manages Signer Authentication
- Brandable with Company Logo and Colors
SmartSign Web standard on-boarding provides a fully-hosted signature service; there are no IT requirements and you may begin electronic signing right away. With standard on-boarding, you will prepare your documents utilizing a hosted website to upload documents to the signature service’s secure repository, configure the signature requirements, and send email invitations inviting the signers to review and sign their documents. Documents are monitored throughout the signature experience using the Signature Tracker portion of the website.
Your signers receive an email with a link to the signing room. The signing room is a hosted website, branded with your company logo and colors. Signers are authenticated against the signature requirements configured by you. Once authenticated, the signers are presented with each document for review and/or signature. Upon completing their signature requirements, signers may retain a copy of each signed document before exiting the signing room.
Standard on-boarding is the ideal option for companies with immediate electronic signing needs, limited IT access, and lower transaction volumes. Companies with larger transaction volumes or who wish to create an “all in my website” offering, may wish to explore our other SmartSign Web options.
Steve Bisbee
Chief Executive Officer
Recent congressional amendments to Truth in Lending Act (TILA) known as the Mortgage Disclosure Improvement Act of 2008 (MDIA) have been included in a final rule amending Federal Reserve Regulation Z. Known as the “3/7/3 Rule”, these amendments went into effect July 30, 2009 and have a significant compliance impact on the operations of home loan lenders, mortgage and real estate brokerages, title and real estate agents, and others in the loan process. The new 3/7/3 Rule provides consumers defined time periods to review disclosures from their lenders. While the amendments provide additional protections to the consumer, they may postpone their closing date and the ability to receive funding for their mortgage on the day they originally planned for closing.
3 Days - Delivery of the initial TILA disclosure.
The initial Truth in Lending Statement must be delivered to the consumer/borrower within 3 business days of the receipt of the loan application by the lender. The TILA statement is presumed to be delivered to the consumer 3 business days after it is mailed to the consumer.
- Faster Delivery. The Rule allows for delivery of the TILA statement by electronic communication or e-mail under the requirements of the Electronic Signatures in Global and National Commerce Act (”E-Sign Act”), 15U.S.C. 7001 et seq., provided that the lender can provide “evidence of receipt” of the mortgage loan disclosure by the consumer. eOriginal SmartSign® Web electronic signature and vaulting solution enables lenders to reduce the delivery time from 3 days to the same day by electronically delivering the mortgage loan disclosures in real time and capturing evidence of receipt by the consumer.
- Quicker Fee Collection. For the lender, the Rule prohibits collection of any fee, including those for applications or appraisals, other than a bona fide credit report fee reasonable in amount, until the initial TILA disclosure is delivered to the consumer. However, lenders “may impose such fees anytime after the consumer actually receives the early mortgage loan disclosure”. By enabling lenders to deliver the initial TILA disclosure as soon as it is available, eOriginal SmartSign® Web digital signature and valuting accelerates the ability of lenders to collect the fees necessary to actually begin the loan approval and closing process. e.g., appraisals, surveys, reports, etc. even to the same day as the application.
7 days from Initial Disclosure - Mortgage Closing Waiting Period.
The Rule prohibits the lender and consumer from closing or settling on the mortgage loan transaction until 7 business days after the delivery or mailing of the TILA disclosures, including the Good Faith Estimate and disclosure of the final Annual Percentage Rate (APR), even when all parties are prepared and desire to do so.
- Quicker Closing. Surpassing the presumption of delivery of the disclosures 3 days after mailing, eOriginal SmartSign® Web again accelerates the ability to close by enabling lenders to deliver the initial TILA disclosure as soon as it is available,
3 Days prior to Mortgage Closing - APR Waiting Period.
The Rule also requires the lender to provide the consumer with an accurate APR at least 3 business days before closing. This applies when the APR changes more than .125% from the APR previously disclosed. If the APR changes again in the 3 day period more than the .125%, another delivery of disclosure and 3 day waiting period begins.
- Quicker APR Cure. Again surpassing the presumption of delivery of the redisclosures 3 days after mailing, eOriginal SmartSign® Web accelerates the ability to close by enabling lenders to deliver the TILA redisclosure as soon as it is available,
Mortgage Closing Costs Savings Beyond Just Quick.
Shortening the distance from application to closing, electronic transmission and delivery of disclosures streamlines the workflow process, assuring both the consumer and the lender of the timeliest closing. Of course, there are dramatic benefits to electronic delivery of the disclosure documents in addition to the ability to reduce the time lines. There are cost and expense reductions from the preparing and copying the disclosures, the mailing or overnight courier fees, the cost of staff for tracking and follow up of the delivery and possible fines that may accrue for delayed closings.
There are different twists in the application of the MDIA depending on the type of financing being considered, e.g., closed end home mortgages or home equity lines of credit, and there are many compliance aspects to consider in addition to the delivery of disclosures. eOriginal provides solutions to assist in compliance with the delivery thresholds so as to enable the commencement of the mortgage loan process as soon possible and to assure that delivery requirements will not delay mortgage closing any longer than possible under the Rule. eOriginal SmartSign® Web enables compliance with the eSignature requirements of the E-SIGN Act and provides the “evidence of receipt” of the mortgage loan disclosure by the consumer required by MDIA. eOriginal has enabled the secure, verifiable delivery of mortgage and other financial industry documentation for over a decade.
Val Daly
Director of Customer Services
If you are reading this article, you are probably looking to improve workflow, increase productivity and cut costs. Most likely, you are evaluating electronic signature products as one means to achieve this goal. With the plethora of electronic signing vendors available, how do you know which one is right for you? Most importantly, how do you know when you need more than just an eSignature?
Let’s start with a simple definition of an eSignatures. An electronic signature, by definition of the Uniform Electronic Transactions Act (UETA), is any “electronic sound, symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.” That’s a broad definition, leading to a wide variety of electronic signature solutions ranging from clicking an ‘I Agree’ button, embedding an image or text that describes the signer, to embedding a digitized version of a hand-written signature (often referred to as a biometric signature) and anything in between.
Each of these eSignature approaches are valid methods of electronic signing. Which approach is right for you depends on a variety of factors:
- How closely do you need or want to mirror the paper signing process (very often a comfort factor for your signers)?
- Do you need to capture signatures on specific areas within your documents?
- Will your signers be signing at a point of presence facility or will they need to sign remotely anywhere, anytime?
Once you have identified the eSigning approach that meets your needs, you need to ask yourself one more question - is eSigning enough?
Sometimes an esignature alone is ample; however, very often, it is not. An eSignature process alone will not protect against scenarios in which signers may execute multiple versions of the same document or generate multiple, indistinguishable copies creating confusion as to which one is the original opening the door for possible fraud. An eSignature process does not address the management and control of the electronically signed document throughout its lifecycle nor will it address the ability to electronically securitize or assign the document if necessary…but an Electronic Original® process will.
An Electronic Original process not only offers full electronic signing capabilities, but it also manages the electronically signed document in a secure repository, or electronic vault, establishing control and uniqueness of the electronically signed document. To further secure the document, it is digitally sealed, making content and signature revisions readily identifiable. Access to the vaulted document is controlled and all activities are recorded in a sealed audit trail. Furthermore, Electronic Original documents may represent electronic chattel and are rated the same as paper chattel and may be electronically securitized or assigned.
To learn more about the Electronic Original process and whether it is right for you, check out The Electronic Original Company®, our knowledgeable staff can help you determine if you need more than eSigning.
