eSignLive’ e-signature and e-vaulting solutions validated for the IBM Banking Industry Framework
“Silanis and IBM have a proven track record of assisting large financial institutions and government organizations with their move to paperless processing across their enterprise,” said Tommy Petrogiannis, CEO and co-founder of Silanis Technology.In 2003, Silanis and IBM successfully equipped more than 1.5 million US Army personnel with electronic forms and electronic signatures in an effort to generate $1,3 billion in hard cost savings. Earlier this year, Silanis deployed its e-Sign Enterprise Platform solution at a top five US bank. The solution runs on the IBM WebSphere application server and uses IBM Filenet as the storage system. “When the Silanis e-Sign Enterprise Platform is fully rolled out across the top five US bank’s 3,000 retail branches, it will automate the processing of more than 2,000 consumer and SMB loans per day,” added Petrogiannis. “The bank expects to reduce loan processing errors by 90%, eliminate 80% of document handling costs, and redeploy 95,000 hours of bankers’ time.” The e-Sign Enterprise Platform from Silanis (formerly known as ApproveIt® Web Server) is an on-premises, electronic signature platform that provides financial organizations with the most customizable and scalable enterprise solution. The platform offers maximum flexibility and control for deploying e-signatures across a bank’s different lines-of-business, products, and sales / service channels.
As a next-generation, electronic signature platform, the solution goes beyond simple signing to orchestrate, execute and record transactions electronically from start to finish, while enforcing business rules to reduce signing errors and ensure compliance. Moreover, the solution provides stronger legal evidence than pen and paper by enabling banks to reproduce the entire web transaction. This includes all web pages and documents that were presented to participants; how long they spent on each page; and all actions that they took (accept, sign, initial etc.).Silanis’ E-Vault Manager extends the benefits of paperless processing by enabling banks to securely transfer electronically signed contracts and transferable records, such as promissory notes and chattel paper, between e-vaults with the assurance that they are the authoritative copies; that is, the electronic originals.
The solution assures legal control of the transferable records during creation, storage, and transfer by 1) maintaining a single authoritative copy of the record which is unique and identifiable; 2) allowing only the secured party or its designated custodian to transfer, store, or change the identified assignee of the authoritative copy; and 3) assuring the record cannot be altered, except as permitted, and identifying unauthorized revisions and non-authoritative copies.
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.