Payoff Adopts Fully Digital Financial Transaction Management with eOriginal and Millennium Trust Company
BALTIMORE (PRWEB) June 08, 2016 -- eOriginal, Inc., the experts in digital transactions, announced today that Payoff, Inc. adopted a fully digital financial transaction management solution with eOriginal and Millennium Trust Company. The digital transformation of its processes improves customer experience and enables post-signature asset management within the secondary market.
Payoff, a financial wellness company based in Costa Mesa, CA, applies science, psychology and technology to help members improve their relationship with money, eliminate debt and increase savings. The company is dedicated to reinventing the financial services industry through science and technology to educate, understand and empower consumers by accelerating their journey to financial wellness through personalized products and services.
Payoff approached eOriginal in need of a solution that empowered them to go beyond simple electronic signature functionality to enable asset sales and securitization, while housing the assets in a secure vault. To meet and exceed the challenges of digital transaction management for marketplace lending, eOriginal and Millennium Trust Company delivered an innovative, thorough solution that brings their processes 100 percent digital with seamless platform integration.
With its end-to-end digital financial transaction solution, Payoff is able to increase their transparency of their lending process to investors, free its cash flow, deliver easier auditability and provide its capital partners with comfort that their notes are verifiably secure, legally compliant and enforceable with UETA 16 compliance.
Millennium Trust Company serves as the document custodian and re-registers the ownership of the loans from Payoff to their asset purchasers. Because all of the documents are stored electronically, Millennium Trust Company can easily and securely make any necessary changes in their system, reducing the time it takes to manually re-register the assets.
“eVaulting and the management of assets digitally after the loan agreement is signed will become an industry standard practice in marketplace lending in the coming year,” said Scott Saunders, Founder and CEO of Payoff. “With its legal enforceability and clear ‘paper trail’ to establish digital asset ownership, eOriginal has become the industry leader in marketplace lending if you want to enable subsequent sales and securitization while providing unmatched peace of mind.”
“Payoff’s digitization of their financial asset management is a standard that all marketplace lenders must meet,” said Stephen Bisbee, President and CEO of eOriginal. “What makes their situation unique is they understand the importance of keeping their digitally signed documents in an electronic format from eSignature to custodial management. We believe once you go digital, you should stay digital. And through our digital integration, we are providing Payoff with increased transparency into the ‘paper trail’, an expedited process, easier auditability and cost savings as a result of fewer mistakes and less paper.”
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 http://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.
About Payoff
Founded in 2009, Payoff, Inc. is a financial wellness company that applies science, psychology and technology to help Members reinvent their relationship with money, accelerating their journey to financial well-being. Payoff empowers Members through an integrated package of products and services that includes a loan to refinance past credit card debt, support from dedicated Member Advocates, access to ongoing education and the consistent application of psychometric research and psychology to drive positive and sustained behavior change along the path to financial wellness. Payoff’s Board of Directors includes Joe Saunders (former Visa CEO), Mohamed El-Erian (former Pimco CEO), Sean Park (Anthemis Group Founder), and Jim Lane (former Goldman Sachs partner). Payoff’s Chief Scientist, Dr. Galen Buckwalter (former eHarmony Chief Scientist), leads a diverse team of experts in neuroscience, behavioral economics, psychometrics, psychology and data science to provide Members with personalized solutions to improve financial health and habits. Payoff is backed by other global digital finance leaders, top-tier venture capital firms, and some of the most prominent individuals in financial services. For more information, visit: http://www.payoff.com.
Scott T. Shepherd, eOriginal, Inc., http://www.eoriginal.com, +1 410-625-5145, [email protected]
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