eOriginal and DocuSign Partnership Drives Adoption of eContracting Technology in the Lease Finance Industry with On-Demand Solution

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eOriginal and DocuSign have launched a web-based solution that integrates eContracts into existing business processes. This solution addresses many issues presented in the April 12th Equipment Leasing and Finance Association's (ELFA) webinar, "The Impact of Going Paperless," which detailed the requirements, legal issues, benefits and hurdles to full eContracting implementation in leasing, and anticipates full adoption by the leasing industry. The on-demand solution offered by the two companies can be deployed within days, is cost-efficient, requires no IT involvement, and provides a legally compliant, secure eContracting solution.

To meet the growing demand for fully electronic solutions in equipment leasing and financing, eOriginal (http://www.eoriginal.com)] and DocuSign (http://www.docusign.com)] have launched a web-based solution that integrates eContracts into existing business processes. eOriginal, Inc., the leading supplier of electronic vaulting software for financial services organizations, and DocuSign, the leading electronic signature service, have addressed the legal requirements and investor market concerns with their offering, while delivering real benefits such as reduced operating costs and faster processing time. The on demand delivery model eliminates the hurdles to implementation, and has been deployed and is in production today.

DocuSign provides eSignature and electronic workflow technology which lets users quickly and easily create and apply legally binding electronic signatures to documents online. eOriginal provides the electronic routing, management and vaulting capabilities for those documents. The combined solution provides legal compliance with UETA, E-SIGN and UCC Article 9, as well as maintains admissibility and negotiability of the financial instruments as transferable records.

These applications enable any customer to immediately add the benefits of eContracting to their business without disrupting existing processes. Because the technology is web-based, there is no need for any system integration or project time from internal IT staff. Capital investments are eliminated, as well as ongoing maintenance and overhead normally required with traditional, more expensive software and hardware installations, are eliminated. With the DocuSign and eOriginal solution, customers can execute electronically signed, electronically vaulted and managed financial documents with minimal investment, risk and training.

Benefits

The eOriginal/DocuSign solution is an affordable competitive advantage savvy business owners can offer over their competition. In contrast to expensive, technology-centered solutions which can take years to deploy and generate positive ROI, the combined solution from eOriginal and DocuSign can cost less than $10,000 to deploy and can be usable within days. The issues of legal compliance have been satisfied, Wall Street ratings agencies and investors have approved of electronically signed chattel paper, as witnessed in the auto finance industry's increased adoption of eContracts. Business workflow and process efficiencies, significant reductions in errors, loss of paper, and eliminating physical storage requirements bring immediate ROI to those who have implemented the eOriginal/DocuSign solution.

How It Works

Using an intuitive, wizard-driven process, the sender simply drags and drops yellow "sign here" signature tabs everywhere on the document where the Lessee is to sign. The DocuSign application then notifies all parties to the transaction via e-mail and invites the signatories to securely log on and sign their documents (or, if the signer is present, he or she can immediately sign online from within a Lessor's system). The signers are presented with their PDF lease documents containing instructions for applying an electronic signature using a name image created solely for this purpose. Once the final signatures are placed in the document, the financial instrument is deposited as the original, "Authoritative Copy", in the eOriginal eCore® On Demand electronic vault and the remaining documents are either vaulted or moved to their downstream destinations.

To the signing parties, the documents look identical to what they would see in a paper transaction. The documents cannot be changed, but can be viewed and signed. The signing parties can also print a watermarked signed copy for their own records.

The benefit to all parties to the lease transaction is a simplified presentation and a faster, more convenient method of signing documents by multiple parties in multiple locations, with far fewer errors. Users do not have to worry about cumbersome or lengthy software installations since the solution is web based. Transaction turnaround time is reduced, and the highly secure environment minimizes risk while automatically ensuring compliance with state and federal regulations. The eOriginal eCore® On Demand Vault and the DocuSign signing service provide a complete audit trail and document history of the document. The eOriginal eCore® vault provides transfer of ownership capabilities for lease portfolio management, transfer of location (vault-to-vault), Certified Print® (for legally admissible evidence) and Paper Out® (permanent transfer from vault to paper) processes to manage these documents.

Contract administrators now needn't worry about long turnaround times from gathering contract signatures, lost documents or pages, missing signatures and other errors, as the DocuSign/eOriginal solution has built-in error checking and verification, and is accessible online with virtually no waiting time. Leasing companies have immediate access to signed contracts, allowing for more deals to be processed in less time, with a higher degree of accuracy.

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Lambert Jemley
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