eSignLive Sets the Record Straight on Electronic Contracting Myths

October 31, 2007

Montreal, QC November 1 2007 - Leading electronic signature provider Silanis Technology has posted a recording of its recent Webcast, "Electronic Contracting - Dispelling the Myths" to counter common misconceptions about the growing practice of using electronic signatures to execute contracts with partners and customers.

Silanis President and Co-Founder Tommy Petrogiannis presented the October 24 Webcast, in which he emphasized the importance of contracts in general to ensure auditability and legal enforceability.

"Contracts underpin your business, and help to mitigate risk," said Mr. Petrogiannis.

"With the right technology, electronic contracts can improve auditability and visibility into processes, and help to capture customers faster."

The need to complete customer transactions as quickly as possible is driving many new electronic signature implementations ? particularly in the insurance sector, where online prospects may abandon the application process when faced with delays and paperwork.

JD Power's 2006 Consumer Financing Satisfaction Study found that electronic contracting has a positive impact on customer satisfaction. And while adoption of e-signatures for contracting has been dramatic, said Mr. Petrogiannis, e-contracting misconceptions are still holding many organizations back.

For instance, Mr. Petrogiannis responded to one publication that had recently raised concerns over e-signatures' legality.

"The laws that enable e-contracting are not only very clear, they are seven years old," he said.

"Legally, electronic signatures as defined by ESIGN and UETA are equal to wet-ink signatures in the paper world."

Not only that, he added, but there is a growing body of case law upholding electronic records as valid evidence in court.

Silanis' document-centric solutions create a permanent link between the process, the signature audit trail and the signed record. This approach, different from many database-driven approaches, makes it easier for organizations to present convincing evidence of electronic transactions, and may discourage costly litigation.

As a licensed solution, ApproveIt also offers a flexible, customizable solution that seamlessly integrates with an organization's existing process and Web sites, for a consistent look and feel. It allows organizations to maintain control over their mission-critical documents, and keeps total cost of ownership low.

Finally, Mr. Petrogiannis explained, e-contracts are in use across the board for high-value, high-risk processes involving insurance and mortgage, contrary to yet another widespread but mistaken belief. To download a recording of this Webcast, please click here. For more e-contracting information, please contact Silanis toll-free at 1-888-SILANIS, or visit this page

About Silanis

Founded in 1992, Silanis Technology Inc. is the largest and most experienced provider of electronic signature solutions. More than 1,400 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.