Standards and Procedures for Electronic Records and Signatures
Montreal, QC (PRWEB) September 27, 2006
Silanis Technology, the leader in enterprise electronic signature solutions for the financial industry, today announced a new electronic vault management system for protecting the value of electronic contracts throughout their lifecycle. Named ApproveIt® Transferable Records Manager, the solution manages the secure transfer and storage of electronic chattel paper generated by today's e-contracting systems, enabling lending processes to remain paperless -- from financing to securitization.
"E-contracting is quickly replacing paper-based, financing processes across auto-dealers in the U.S. By 2007, it will be mainstream," said Michael Laurie, vice president and co-founder. "Lenders need an electronic vault management solution for managing and storing the electronic contracts that are starting to appear from auto dealerships. Without such a solution, lenders will not receive full value when securitizing or selling loan portfolios containing e-contracts. Lenders need to manage the electronic vaulting of e-contracts with as much care and control as they do with their paper contracts today."
ApproveIt Transferable Records Manager enables auto dealers, lenders, document custodians and investors to maintain an electronic financing process, while protecting the enforceability and security interest of the electronic contracts. The solution provides a secure method for registering and transferring electronic contracts between e-vaults with the assurance that they are the authoritative copies. Complying with Revised UCC Article 9, Silanis' solution ensures that only the secured party or its designated custodian can transfer or store an authoritative copy within the system and that it remains uniquely identifiable at all times.
As an enterprise solution that is designed to support the way financial institutions operate today, ApproveIt Transferable Records Manager gives lenders the flexibility to take custody of and store electronic contracts in their own secure, electronic vault where they maintain management and control. ApproveIt Transferable Records Manager is also ideal for document custodians and auto finance aggregation platforms since its unique registry architecture allows the electronic contracts to be segregated into sub-groups and stored in their own corresponding e-vaults for management and tracking. Because the system's multiple, distributed e-vaults are supported by a common management structure, deployment and administration costs are kept to a minimum.
"Over the last five years, Silanis has worked closely with some of the financial industry's leading organizations to translate their requirements into enterprise solutions that support and improve upon their established business processes," said Laurie. "ApproveIt Transferable Records Manager is the only solution on the market to deliver on all of a financial institution's enterprise requirements."
A founding member of the Electronic Signatures and Records Association (ESRA), Silanis also participated in the Electronic Financial Services Council "Standards and Procedures for Electronic Records and Signatures" (SPeRS) drafting committee. Silanis is also a participant in the ASC X9 sub-committee for standardization of electronic contracting for the automobile finance industry including the forthcoming standard for the transfer of location of electronic contracts. In addition, Silanis solutions have also been subject to legal review in regards to enforceability under ESIGN and UETA, as well as legal control of transferable records under Revised UCC Article 9. Silanis customers include leading service providers and lenders to both the auto finance and mortgage lending industries.
Founded in 1992, Silanis Technology Inc. is the largest and most experienced provider of electronic signature solutions. More than 1,100 government and commercial organizations, representing two million users, depend on Silanis' solutions to accelerate operations, improve service, and reduce costs. The company's solutions not only eliminate the inefficiencies of paper, they provide reliable and auditable business records needed to demonstrate compliance with applicable laws, standards, regulations and policies. http://www.silanis.com.
# # #