It is safe to say that the eSignature has achieved widespread acceptance that we have been anticipating for years. Customers, millennials especially, demand digital, including the ability to ditch the wet ink and paper-based processes and sign electronically. In fact, eSignatures have risen in prominence to the point where they are now viewed as a commodity, both in terms of pricing and availability. However, when it comes to managing the downstream life of a transaction and the associated financial assets, eSignature technology is just the beginning of the digital transaction management (DTM) chain.
Research Confirms the Need for Digital Asset Management
Forrester Research recently released its Vendor Landscape: E-Signature, Q4 2016, Acquisitions, Commoditization, And Growth Reshape The Market report and notes, “DTM is maturing and is thereby expanding beyond just the initial focus on the signature. Workflow, content management and the rise of Asset Management are all forcing providers to get more focused on the document lifecycle of the content that it’s tied to or that compromises the transaction.”
In the report, Forrester cites eOriginal as a leader for eVaulting and digital management of financial assets. The write-up also mentions that we go well beyond the standards and legal requirements for vault-to-vault transfers. As a result, eOriginal provides a key extension to not only our own eSignature tool, but also delivers an advanced DTM services add-on to other leading eSignature platforms such as DocuSign and Adobe.
Continued Expansion of Electronic Vaulting
For an electronically signed document to meet the greatest standards to be enforceable, admissible and negotiable, specific process must be in place—which includes establishing an “Authoritative Copy” and depositing that document into an electronic vault. Although there are a variety of cloud-based document storage solutions such as Google Drive and DropBox, these options do not provide the security and compliance tools offered by eOriginal’s electronic vault solution.
With our solution, eSigned documents are bound with a digital tamper evident seal that identifies the final document as the original and ensures compliance and enforceability. In addition, electronic vaults are extremely valuable for businesses as they provide an audit trail that follows documents throughout their entire lifecycle and controls access.
As we noted previously, our eVault also allows you to control access to your documents, which adds another level of security. Only employees or persons with the proper credentials are able to view and manage your documents. Finally, documents can be easily referenced within our secure eVault. Customizable reference identifiers allow you to more quickly search and find the documents you need, eliminating the need to sort through a multitude of files looking for a specific document. With a quick query, you’ll be able to find exactly what you’re looking for.
DTM Enhances Confidence
As our President and CEO Stephen Bisbee mentioned earlier this year, it is now more important than ever to adopt the processes and technology that adheres to best practices to alleviate concerns with legality and transparency regarding not only the documentation, but the data used to create the documentation and represent the loan elements to investors and regulators. As the secondary market continues to grow, advanced DTM is now a competitive necessity for businesses looking to collateralize and securitize assets.
Although the digital transaction management world has advanced far beyond the electronic signature, the e-signing ceremony is still viewed as the crucial first step in the process—enabling an easier, faster, more secure experience. We couldn’t be happier to see the age of paperless transactions continue its rise and are thrilled that digital transaction management is maturing to expand beyond its initial signature-oriented focus.
Please enjoy this free Forrester report regarding the eSignature Landscape and to learn more about the digitization of transactional processes.