Remote signing of transactions can be a challenge, especially when you don’t have an established relationship with the third party. How do you know they really are who they say they are? SmartSign offers a variety of authentication options to provide a higher level of confidence that the intended recipient is the actual signer.
A Security code may be enabled to act as a password on the transaction. Define a security code for each signer on the transaction. Communicate the security code to the signer either verbally, via Email, or SMS (a.k.a. text message) notification. The signer must correctly enter this security code to access the transaction.
An Office of Foreign Assets Control (OFAC)/Patriot Act compliance check may be enabled for any individual signer, verifying the signer has not been flagged as a risk by OFAC.
An identity verification exam may be enabled for any individual signer. The signer will be prompted to answer several “out-of-wallet” questions about himself. The signer must correctly answer a pre-defined number of questions before gaining access to the transaction. A report of the questions presented, information provided, and score may be retained.
A one-time-use PIN may be enabled for any individual signer. Provide a cell phone number for the signer (or allow the signer to provide it themselves) and the signer will receive text message with a one-time-use PIN. The signer must correctly enter the PIN to gain access to the transaction. Use of the one-time-use PIN authentication facilitates two-factor authentication, combining something the signer knows (the link to the signing room) with something they have (the physical device which is assigned to the cell phone number receiving the SMS notification).
The authentication method used to access the transaction is recorded in the sealed audit trail for the transaction documents along with supporting details (e.g. cell phone number, PIN). These authentication options may be used independently or together, allowing you to define the optimal authentication solution for your organization.
eOriginal is hosting a live webinar August 18 at 1:00PM (EDT). eOriginal CEO Stephen Bisbee will be joined by industry experts, Bill Choi, Vice President of Research and Industry Services at ELFA, and Dave Scott, Corporate Project Manager at Direct Capital.
Focusing on how current market factors are encouraging leasing industry participants to adapt their business models. The 60-minute webinar will address:
What the current market factors are affecting the leasing industry
How to improve revenue cycles and risk management with eSignatures
Overcoming perceived barriers to eLeasing
What is the status of the secondary market for eLeases?
How to implement an eLeasing solution
To join us, please Register Here to gain answers to these questions and more from our panel of industry experts. The web cast will include a use case of how a top rated leasing company has implemented electronic signatures to improve their business process and a Q&A session to address your specific concerns.
Many of us have been following and anxiously awaiting a decision by the Utah Supreme Court regarding the challenge of the legal validity of electronic signature for government ballots which relied heavily on Utah’s version of the Uniform Electronic Transactions Act (UETA). I have read many differing and varying opinions from legal experts, blogs, tweeters, etc. but we can all stop speculating because the ruling on June 22, 2010 confirmed the validity of the collected eSignatures established new precedent.
What this decision does, is open the door for wider implementation of electronic signatures by government and businesses that have been slower to adopt this type of technology because of legal concerns. As stated by David K. Isom yesterday in a great blog post, Electronic Signatures Come of Age: From Elections to Commerce and Beyond, “The Utah decision resolved many of the fundamental issues presented by UETA, and resolved them in a way that energizes UETA. UETA will have a broader application in states that follow Anderson than most commentators would have predicted.”
I’m sure we’ll be seeing the positive effects of this decision. With the recent decision by the FHA to accept eSignatures on 3rd party documents and a preliminary decision by the North Carolina State Bar for the use of SaaS products as long as reasonable care” is taken to minimize risks to the “confidentiality and to the security of client information and client files, it appears that technology and products like eOriginal’s eSigantures solutions will be playing a greater role and making a wider impact on the way in which government and businesses handle their online transactions.
eOriginal SmartSign® has the most comprehensive digital signing process on the market however there is a great deal more to securing your digitally signed business agreements.
A digital signature can be legally binding but that is only the first component of creating a digital asset whose value must be protected in accordance with business practices and compliance with legal and regulatory statutes appropriate to the industry in which the asset will reside.
The total digital asset consists of the digital signature, the digital document to which it is associated, and how they are bound in combination to certify them as a “unique” electronic original document. Life cycle management processes that dictate their access permission, transfer rights, and a legally admissible audit trail that tracks these processes are all also included in creating a digital asset.
These “back-end” processes have important legal, business continuity and regulatory implications that become critical if the digital asset is to retain its commercial value as an electronic transaction. This is of even greater importance when it will serve as chattel or likely to be transferred on a rights basis or by location.
This is why lightweight offerings, particularly pure-play signing tools, don’t provide the full set of features such as a unique authoritative copy or the back-end functionality for life cycle management and audit trails needed to create a true digital asset. So, the obligations for development, integration, compliance and liability are placed on the client.
This is why eOriginal has placed equal emphasis on perfecting and integrating both the front-end signature process and the back-end life cycle management process. The architectural requirements to seamlessly execute these components, while meeting every regulatory statute that governs these processes, is significant and the basis for many of our patents in this field.
So by its nature, eOriginal’s SmartSign has to be more robust than even comprehensive electronic content management or document management offerings while playing nicely with them by complementing their functionality and compliance to provide a better overall system for digital assets.
eOriginal is the only esignature provider that has been certified by top ratings agencies for securitization. And, while this securitization capability is not necessary for every electronic transaction, the underlying functionality that earned such a rating is very relevant to serious businesses.
Empire National Bank Selects eOriginal SmartSign® Web
BALTIMORE, MD (Vocus/PRWEB), December 2, 2009 – As part of it’s drive to deliver next generation banking services, an innovative Long Island bank is eliminating the need for attorneys to go to their branches to open and close escrow accounts by delivering the process, including electronic signatures, over a secure website.
Empire National Bank (OTC Bulletin Board: EMPK) is using eOriginal SmartSign®Web to enable authorized law firm representatives to execute W9, Power of Attorney, Master Agreements and other documents directly from their offices.
“The current paper based processes are inconvenient and time consuming, requiring excessive travel by lawyers to the branches,” said John Pinna, Chief Information Officer. “This inefficient process has often extended the time to complete a transaction or establish a client escrow account and does not provide the type of high-touch personal customer service our customers have come to expect from us.”
“Accelerating electronic business services with straight through processing is a time and money saving win for the attorneys and the bank who can now provide a faster turnaround for their customers, said Bryan Caporlette, eOriginal’s Chief Technology Officer.” We designed SmartSign so that they can deliver a seamless integration and customer experience while ensuring legal compliance with both E-SIGN and the Uniform Electronic Transactions Act (UETA)
About Empire National Bank
Empire National Bank is a full-service community business bank dedicated to serving the privately owned small to mid-sized businesses, professional practices, not-for-profit organizations as well as Long Island’s local residents. The Bank serves businesses and consumers with a full complement of deposit, loan and cash management products.
As Long Island’s “Next Generation Bank”, we pride ourselves on providing personal customer service that will exceed our customers’ expectations, while using technology at the highest level available to us. All of our products and services are delivered with a sense of urgency in the local communities that we serve, while offering all of the products and services necessary to conduct banking competitively, efficiently, safely, and securely in today’s fast-paced business environment said Douglas C Manditch, Empire National Banks Chairman and CEO. The Bank presently has branches in Islandia, Shirley and Port Jefferson Station and plans to open a fourth location in Garden City in 2010.
About eOriginal Inc.
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 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. Follow eOriginal on Twitter @eOriginal.
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.
The benefits of switching to fully electronic agreements are clear – lower document storage costs and ease of searching electronic documents, less time between agreement presentation and full execution, and no overnight or mailing costs. However, some businesses are reluctant to leave the comfort zone of tangible paper and make this switch, no matter how beneficial it can be for their bottom line. With a solid plan in place and the right technology, any business can make this switch easily and ensure that their electronic agreements are as enforceable in court as their former paper counterparts.
No matter whether a business chooses to maintain and execute its agreements in paper hardcopy or fully electronic, the business must always be able to prove (1) that the person who signed the agreement signed it knowingly and intentionally, and (2) that the person named in the agreement is the person who actually signed the agreement. When a business uses paper hardcopy there are time and true tested ways to prove this (handwriting analysis, production of the original “blue-ink” signed agreement, detection of paper text alterations). But businesses choosing to switch to fully electronic agreements need to look at a little more than just the signature and the agreement itself to be sure those agreements are enforceable.
Courts who have evaluated the enforceability of electronically executed and/or maintained documents have provided business guidelines to ensure their electronic agreements are enforceable. Businesses must be sure that the technology and procedures they choose to execute and maintain their electronic agreements can do all five of the following:
(1) Issue user names to authorized persons and require such persons to immediately change the default password upon log in to a unique and confidential password;
(2) Automate log in password change requests such that the password is used and changed only by the person issued the user name associated with that password, and record the date, time and terminal at which each password change request is made;
(3) Present the agreement for review and execution in a manner which allows the person viewing the agreement to easily read the agreement in full, and download it to personal electronic storage and/or print it out, both before and after signing;
(4) Retain the integrity of the agreement that is posted for execution to ensure that no part of the agreement is changed after it is signed by the first party and throughout its lifetime; and
(5) Provide an “audit trail” showing every time the agreement is accessed and/or signed, the date, time and terminal at which agreement is accessed and/or signed, the user names of all persons accessing and/or signing that agreement, any “changes” to the agreement including deletions, copy print outs and electronic file transfers of the agreement, and all other information regarding the execution and maintenance of that agreement.
eOriginal® solutions comply with all five requirements for enforceability. Additionally, eOriginal offers businesses the flexibility and cost-savings of hosted, online document execution and vaulting or, if they prefer, taking the execution and vaulting functions behind the firewall on their own servers with an enterprise license. For more information on eOriginal® solutions and technology, feel free to contact our sales department.
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