Collaboration Aimed to Encourage Equipment Leasing and Finance Association Members to Adopt Digital Best Practices
Baltimore – October 25, 2016 – eOriginal, Inc., the experts in digital transactions, today announced a collaboration with the Equipment Leasing and Finance Association (ELFA) to support a new initiative that encourages members to use electronic documents, known as “e-chattel paper,” and adopt digital best practices rather than relying on antiquated paper-based lending processes typically used in equipment finance. In addition to providing digital expertise, eOriginal looks forward to offering resources on the laws surrounding e-chattel paper and the enablement of direct access to the technology required to create and manage electronic leases and contracts.
“The equipment leasing and finance industry has been hesitant to embrace digital transactions and e-chattel,” said eOriginal’s President and CEO, Stephen Bisbee. “We applaud ELFA’s dedication to the support of widespread adoption of e-chattel paper in equipment leasing and finance transactions and are excited to lend our digital expertise to provide ELFA members with best practices for the implementation of digital solutions and critical information surrounding eLeasing.”
The benefits of digital processes are numerous, including the fact that it:
- Simplifies the loan origination process and pools contracts faster and more efficiently;
- Significantly reduces sales cycles and enhances the customer experience;
- Allows equipment finance companies to digitally sign and manage loans and leases from financing through to the secondary market; and,
- Offers accelerated funding cycles and increases real-time transparency into the funding process.
As part of the collaboration, Bisbee will join Dominic Liberatore, Deputy Chief Counsel of DLL and Dave Schaefer, CEO of Mintaka Financial, LLC and Chair of the ELFA Board’s Working Group on Electronic Documents for a webinar titled, “Educational Gateway: Your Guide to e-Chattel and Digital Technology,” on Dec. 14. To register, click here.
During the live online event, panelists will discuss the significance of e-chattel within the equipment space including the benefits of adoption, how digital technology ensures contract integrity and transparency for all parties, and requirements for lenders to consider when undertaking a digital transformation.
As noted in a release from ELFA, “In our increasingly digital world, the time is ripe for equipment finance companies to consider converting to electronic chattel paper,” said Ralph Petta, ELFA President & CEO. “While some member companies have already done so, others have questions about the adoption process. We are pleased to launch this important effort to educate our membership and their business partners about why and how to go digital with e-chattel paper.”
Key messages from this educational campaign will be shared through a variety of avenues, including ELFA’s Equipment Leasing & Finance magazine, its QuickBrief eNewsletter, www.ELFAonline.org and through social media channels. In addition, eOriginal will share key updates and resources with its contacts within the equipment leasing and finance industry.
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About eOriginal, Inc.
Founded in 1996, eOriginal is the trusted expert in digital transaction management solutions, specializing in the post-execution management of financial asset documentation. eOriginal SmartSign® and eAsset® Management Services enable an end-to-end solution for fully electronic transactions that must be managed with the highest levels of security and compliance throughout their lifecycle. By treating every transaction as having assets that must be verifiably secure, legally compliant and enforceable, eOriginal provides its customers and partners with eCertainty®. For more information, please visit https://www.eoriginal.com. eOriginal®, eAsset®, eOriginal SmartSign® and eCertainty® are trademarks of eOriginal, Inc. and are registered in the United States or in other jurisdictions.