Major U.S. Bank Selects Silanis’ e-Sign Enterprise Platform

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Silanis Technology, the electronic signature provider to leading financial institutions including BMW Financial Services, Stewart Title, 21st Century and Liberty Mutual today announced that a major U.S. bank has chosen Silanis’ e-signature solution to complete the move to paperless processing across its branch operations. Under this enterprise license, the bank will implement Silanis’ e-Sign Enterprise Platform to process customer signatures. The bank processes millions of transactions and thousands of signatures each day, and will now use Silanis’ solution to do this electronically.

For Silanis this represents the largest software license value in the financial services market. This is a resounding validation of our leadership in the enterprise market, and of our strategy to continue to invest heavily in our class-leading technology.

Silanis Technology, the electronic signature provider to leading financial institutions including BMW Financial Services, Stewart Title, 21st Century and Liberty Mutual today announced that a major U.S. bank has chosen Silanis’ e-signature solution to complete the move to paperless processing across its branch operations. Under this enterprise license, the bank will implement Silanis’ e-Sign Enterprise Platform to process customer signatures. The bank processes millions of transactions and thousands of signatures each day, and will now use Silanis’ solution to do this electronically.

“For Silanis, this represents the largest software license value ever concluded in the financial services market. Silanis expects to recognize the majority of revenues from this contract in 2011. This is a resounding validation of our leadership in the enterprise market, and of our strategy to continue to invest heavily in our class-leading technology,” said Tommy Petrogiannis, CEO and co-founder of Silanis.    

The Silanis e-Sign Enterprise Platform enables additional signing data to be automatically added to documents when a customer signs, such as the person’s name, date and location. Moreover, the solution prevents a transaction package from being submitted if it is missing a document, signature or initial. This in turn eliminates the need to bring customers back to the branch to correct or complete the documents.

Ensuring transaction documents are correctly completed the first time around can eliminate any downstream legal and compliance risks associated with improperly executing the documents.

And finally, because Silanis’ solution records the entire electronic signing process from start to finish and enables it to be accurately reproduced for legal discovery, regulatory audits and internal control purposes, a bank expects to strengthen its legal and compliance position compared to hand-signed paper documents.

The electronic evidence captured by Silanis’ solution includes the exact web screens, documents and legal disclosures that were presented to customers; how long they spent reviewing information; and everything they consented to, agreed to, and a date and time-stamp.

Silanis’ e-Sign Enterprise Platform was selected after an exhaustive competitive analysis process. It was chosen for its ability to integrate with a bank’s core IT systems and deliver a seamless customer signing experience.

About Silanis

Silanis' solutions have processed hundreds of millions of e-signatures since the company was founded in 1992 (50 million in 2010 alone), making it the most widely used e-signature solution. The world’s largest insurance and financial services companies, government agencies, and service providers depend on Silanis to accelerate business transactions and reduce costs while improving compliance with legal and regulatory requirements. The company’s on-premise, cloud and SaaS e-signature solutions eliminate manual, paper-based processing to enable e-commerce and e-government transactions to be executed fully electronically from start to finish.

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Mary Ellen Power
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