eSignLive delivers electronic signing and vaulting capabilities to ADP Dealer Services' Digital Contracting solution
Montreal, QC, October 11, 2006 — Silanis Technology today revealed that it is the electronic signature and vault provider behind ADP Dealer Services’ Digital Contracting solution in the U.S. Named ApproveIt Web Server, the solution enables automobile buyers, dealers, lenders and investors to participate in a fully automated financing process in which all sales and financing documents can be processed electronically, including the archival, pooling, and securitization of contracts.
Eliminating the inefficiencies of paper from the process will provide immediate benefits to everyone involved. Buyers will spend less time waiting for and signing the 25+ documents required to purchase a car and apply for a loan. Dealers will spend more time with customers, while submitting contracts more quickly and accurately to lenders, resulting in faster funding. Finally, lenders will spend less time verifying retail installment contracts because the data contained within will be complete, and match the terms of the loan approval.
“For more than 25 years, dealers have turned to ADP to facilitate their F&I processes,” said Paul Rindone, Vice President of the Financial Services division of ADP. “Our Digital Contracting solution makes the contracting process faster, more accurate and complete.”
Silanis’ solution allows ADP to integrate legally enforceable, electronic signatures, secure vaulting, and authoritative copy management into their technology offering without changing the workflow that customers, dealers, lenders and investors are familiar with.
F&I managers continue to guide customers through the review and signing process of documents, but rather than sign the contracts with pen and paper, customers can use the electronic signature pad provided by the Silanis’ solution. Because the approved loan terms are automatically added to the corresponding electronic contract, the amount of errors and data omissions are dramatically reduced.
Once the deal is finalized in the back office, clerks can then electronically transmit the contract to lenders. Silanis’ electronic vaulting solution enables external parties to verify a non-authoritative copy of the electronic contract and authenticate its contents, including the signatures and the data that has been signed. Just as in the paper world, ownership of the contracts can be transferred based on UCC 9-105 requirements.
The foundation for Silanis’ platform is ApproveIt - a 6th generation technology that combines the security of a digital signature with a legally enforceable process and advanced usability features. This unique ‘docu-centric’ approach permanently embeds the digital signature and creates a corresponding audit trail within the documents so that they remain secure as they travel from user to user and system to system. This also enables Silanis’ platform the flexibility and seamless integration with the auto-finance industry’s existing business processes.
The ApproveIt platform consists of two solutions for the automotive industry: ApproveIt® Web Server and ApproveIt® Transferable Records Manager. ApproveIt® Web Server fully automates transactions requiring the presentation, signing and delivery of regulated or legally enforceable documents in point-of-sale environments and over the web.
ApproveIt® Transferable Records Manager provides Authoritative Copy management and e-vaulting of chattel paper, e-mortgage notes, and trade documents. The solution manages secure access to the e-vault through its registry by maintaining secure audit logs and records of e-contract transactions including manual and automated transfer of assignment and location.
About Silanis
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. www.silanis.com
About ADP Dealer Services
ADP Dealer Services provides integrated computing solutions to nearly 25,500 auto, truck, motorcycle, marine and recreational vehicle dealers throughout the United States, Canada, Europe, Africa, China, Asia and the Middle East. ADP Dealer Services is a business unit of Automatic Data Processing, Inc. (NYSE: ADP). ADP, with over $8.0 billion in revenues and more than 600,000 clients worldwide, is one of the largest providers of a broad range of premier, mission-critical, cost-effective transaction processing and information-based business solutions. More information on ADP Dealer Services is available on the Internet at DealerSuite.com