Electronic signatures and the IRS

We will try to get an original of this informative presentation by Kevin Hatton, IRS Chief of Policy and Standards. Until we do, here is a scan of a handout. It isn’t pretty, but we think you will find the information very helpful.

Yamaha uses e-signatures to cut costs and accelerate workflow.

From a Sep 23 article by Cindy Waxer on CIO.com …

For years, courier costs, human error and missing pages plagued Yamaha Corporation of America’s contract process. “We depended on a lengthy signature process,” recalls Mike Machado, a Yamaha systems specialist. “Sometimes the forms weren’t signed in the right places and folks would strike things out. We often received incomplete agreements.”

Today, Yamaha’s dealers only need to log on to a secure site and review a contract. The program automatically generates an electronic signature that can be modified, for example, by adding a middle initial or selecting a different font. Yellow “Sign Here” tabs instruct dealers where they must click to place their signatures. Only properly signed contracts can be routed further. Completed documents can be downloaded and saved as a PDF for safe record keeping.

Read the entire article on CIO.com

eSignatures in Banking

Key Requirements Explained

Moving regulated, high-risk processes online is not a simple task, especially in an industry where hundreds and thousands of variations are possible due to the sheer number of products, documents and people involved. This paper discusses the key requirements of deploying e-signatures across multiple banking product lines, processes and channels.

Organizations will also learn how Silanis’ next-generation, e-signature process management solution responds to evolving customer and market demands for a more comprehensive solution that goes beyond simple signing to:

• Execute transactions electronically from start to finish
• Provide greater management, control and visibility of live transactions
• Produce stronger legal evidence and auditing capabilities than with paper
• Provide a flexible enterprise platform that can be scaled across all LOBs, products and channels
• Enhance customer experience and ensure high user adoption
• How to address the need for transferable records management and e-vaulting

Download the full 7-page article.

Sep 3: Webcast

Electronic Signatures to Expedite Compliance with New TILA Disclosure

Under the Mortgage Disclosure Improvement Act of 2008 (MDIA) lenders must formulate new lending practices to meet the TILA disclosure requirements that went into effect July, 30 2009. While the amendment provides additional protection for the consumer, it may postpone closing dates and the ability to receive funding on the day they originally planned for closing.

Join eOriginal for a Live Webcast on Thursday, September 3rd at 2:00 pm EDT. During the 50-minute live webcast, Ms. Margo Tank, a partner of BuckleySandler, LLP, and Mr. Stephen Bisbee, CEO of eOriginal Inc., will draw upon their experiences in the integration of electronic delivery and signatures to answer various questions including:

• How can electronic delivery of disclosures allow lenders to reduce the required three day delivery period to same day?
• How does an electronic disclosure delivery and signature solution accelerate collection of application, appraisal and other fees?
• Strategies for meeting the 3/7/3 Rule’s electronic receipt requirements
• Complying with ESIGN under the new rules
• What are the other cost savings factors for “going electronic” in addition to closing the gap on disclosures and re-disclosures?

Learn more and register here.

Experts offer legal tips on e-signatures.

Silanis Web Seminars held an online conference to explain the evidence requirements for electronic signatures and records, with featured speakers Michael Laurie, co-founder and vice president of strategic development at Silanis and Margo Tank, partner at the law firm Buckley Sandler LLP.

The webcast identified the various aspects of e-records and e-signatures and explained issues behind the capture of intent requirement in e-signature legislation and consent factors that can impact the transaction. Another topic addressed was the concerns and issues that can impact the effectiveness of electronic documents presented as evidence at trial.

“Electronic evidence should be easy to understand,” Laurie said. “This really goes to presentation, whether we’re sending it to the opposing attorney or bringing it into court, we want to make sure that it’s easy to understand and it’s presentable enough to be able to provide the impact that the trial attorney wants to make with that evidence.”

Top 6 Legal Risks When Adopting E-Signatures

…and How to Address Them

Moving business processes online without introducing new risks is not a simple task. The fraud, repudiation, admissibility and compliance risks are challenging enough to address when executing transactions on paper. If not done properly in the electronic world, these risks can be far greater. This paper discusses how a well-designed process, supported by new-generation electronic signature technology, can actually reduce risk and increase the enforceability of e-transactions compared to paper processes.

While the E-SIGN Act was passed nearly ten years ago giving electronically signed records the same legal validity as their pen and paper counterparts, it does not guarantee that e-records will be admitted into court as evidence, or provide adequate defense to ensure a positive outcome in the event of a dispute. Moreover, meeting the basic requirements of the E-SIGN Act does not mitigate against several other important risks associated with bringing high-value, consumer transactions online.

Navigating the Legal Traps

Margo Tank of Buckley Sandler LLP, was a featured presenter in an audio conference entitled “Building Effective Electronic Records and Electronic Records Management Systems: Navigating the Legal Traps” on June 10, 2009. You can order an audio CD of the presentation.

Program highlights include:

• The new regulatory landscape that requires counsel take responsibility for assuring that electronic records and electronic signatures are created, managed and stored in a way that businesses can feel comfortable that their transactions will be enforceable and they will be able to meet regulatory requirements

Electronic Signatures Turn Business Green

…But Not With Envy

Using an electronic signature process results in a “greener” company…in more ways than one.

From an environmental perspective, paper has been eliminated and mailings are reduced. There are less resources being consumed, yet more contracts are being signed. That’s the other “green”.

Sales reps close deals faster, and customers will use your products and/or services much quicker. Repeat orders come in rapidly, which means your company is moving products faster and your customer satisfaction levels are higher.

ESRA Membership Kicks off 2009 Activities with Meeting on Key Industry Issues

ESRA members will meet in Washington, DC on February 19, to discuss key industry issues with top experts on topics including evidence standards in electronic commerce, international e-commerce developments, e-authentication, data security, e-commerce policy initiatives from the new Administration and Congress, and legal & regulatory updates.

Top experts in these fields will discuss the topics with the ESRA membership, and during the course of the day, follow-up activities on these topics, or other elements of the ESRA 2009 program plan, will be determined.

Contact us for more information.

Digital Signatures Make Northwest Aerospace Technologies’ Workflow Soar

Northwest Aerospace Technologies, Inc. (NAT), an engineering services company specializing in large transport category aircraft modification programs, was interested in streamlining, expediting, and cutting costs related to their AutoCAD drawing approval process, and additional departmental workflows. Since it was an enterprise-wide requirement, the solution needed to be scalable and deployable for multiple departments throughout the company, in multiple locations. The solution NAT implemented also had to be compliant with Federal Aviation Authority (FAA) Advisory Circular 120-78, which calls for the integrity and authenticity of electronic records.

The implementation of an enterprise-wide digital signature (standard electronic signature) solution that allowed the company to upgrade to a more agile workflow that fully satisfied all regulatory compliance.

By implementing the CoSign® digital signature solution within their Engineering department, NAT overhauled its workflow, improving it significantly. In addition to enabling NAT’s 55 engineers the ability to digitally sign their engineering drawings with a standard digital signature, CoSign fell in line with NAT’s compliance issues and satisfied their organizational requirements for scalability and multiple location deployment. Utilizing CoSign permitted the engineering documents to remain electronic through the entire signing processes, allowing for expedited workflow, e-archiving, and communication with their client base. NAT predicted a 60% reduction in the number of printed documents in additional departmental workflows once CoSign was deployed throughout the enterprise.

The quantifiable outcomes of NAT’s CoSign deployment have been noteworthy. By utilizing CoSign digital signatures, NAT has been able to digitally sign hundreds of documents a month, placing as many as 7 signatures on each document. The ease with which documentation is routed has expedited the engineering documentation process from days to minutes, allowing the engineers to process their overall workload at much faster pace.

More information: www.arx.com, Gadi Aharoni, 415-839-8161, gadi@arx.com