Cambrian Credit Union Introduces eSignLive Electronic Signature Software
October 10, 2003, Winnipeg, Manitoba — Cambrian Credit Union announced today that it is the first credit union in Manitoba, and one of the first financial institutions in Canada, to adopt electronic signature technology, entrenching its leadership position in providing improved banking security and enhanced electronic services for members.
“We’re proud to be the first to market with this technology,” said President and CEO Tom Bryk. “Our commitment to technological innovation will give our members a more secure and efficient banking environment, which will help Cambrian grow stronger as a whole.”
Electronic or digital signatures are increasingly common today with companies such as FedEx, and UPS as well as leading credit card issuers for automating critical business processes and speeding up transactions. The addition of electronic signatures means Cambrian now offers its members faster and more reliable signature validation.
This technology is expected to become more and more important for financial institutions as it is used in an increasing number of applications. By permitting documents to be signed, stored and protected digitally, electronic signatures play a significant role in speeding transactions and reducing the reliance on paper archives.
Cambrian’s electronic signature technology is provided by Silanis, the leading provider of solutions for automating the business approval process. Financial institutions across the United States are using Silanis’ solutions today to provide electronic signature capabilities on consumer loans and mortgages. In Canada, while provincial and federal governments have provided the framework to allow certain contracts to be endorsed by electronic signatures, specific standards that would permit the electronic endorsement of negotiable instruments such as loans and mortgages are currently under development.
By adopting the technology early, Cambrian is uniquely positioned to bring this improved service to its members once legislation is broadened to cover additional applications. With electronic signature technology, Cambrian members will eventually be able to access all of their banking papers in a secure online environment.
“We anticipate that the regulations will catch up to the technology in the near to mid-term,” said Bryk. “When they do, our members will benefit. Our goal, as always, is to constantly look at new and better ways of doing what we do.”
Cambrian began rolling this new technology out to its members in its 11 branches in Winnipeg and Selkirk over the summer. With the initial implementation phase complete, Cambrian is now beginning to move its membership on a voluntary basis from the old-fashioned paper signature cards to the new digital format.
Silanis Technology is the leading provider of solutions that automate the Business Approval Process. With over 1,000 customers across government, financial services, manufacturing, telecommunications and FDA regulated industries, Silanis has over a decade of experience in developing and delivering solutions that work the way organizations do. Silanis' flagship customers include the US Joint Chiefs of Staff, US Army Medical Command, GMAC CM, Stewart Title, and Bayer.
Cambrian is an innovative provider of a full menu of financial services to its 45,000 members. Headquartered in Winnipeg, Cambrian is one of fastest growing credit unions in Canada and is recognized as a market leader in providing technological innovation.
For more information, contact:
Mary Ellen Power, Silanis (514) 337-5255 ext. 1117, [email protected]
Adam Dooley, Director of Marketing, Cambrian Credit Union (204) 925-2607, [email protected]