Implementing eSignature and eVaulting Technology to Create a Fully Paperless Lease Transaction
Requirements Madison Capital LLC, a long-established mid-size leasing and finance company, was looking to completely streamline their business process. Utilizing an on line lease origination system, Madison had begun the transition from all-paper leasing to electronically generated lease documents, but continued to print their leases to paper for final signature and storage purposes. Madison also wanted a way to speed up the closing process, reduce laborious end-of-the-month efforts for their internal staff, brokers and vendors, while utilizing a scalable solution that could manage an increase in business without increasing overhead exponentially. Additionally, Madison needed the ability to resell leases, both individually and pooled, without adverse recourse from the secondary market due to the format of the contract (paper vs. electronic). Solution Madison selected eOriginal’s on demand eLeasing solution providing the ability to add electronic signature and electronic vaulting to their current business process, thus eliminating the print-to-sign requirement while ensuring the continued legal integrity and negotiability of their contracts. The eOriginal solution was implemented without IT involvement, additional personnel, or extraordinary up front budget requirements. Because the eOriginal software is a hosted solution, Madison simply adjusted their internal processes to allow the documents generated by their existing system to be shared with the required signers as PDFs from a secure portal, where each signer could log on, preview their documents, and apply an electronic version of their signature to execute the documents. They can now sign from anywhere in the world, at any time that suits them. Instant email notification manages the workflow process and lets Madison know when all signatures have been applied and the lease is ready to fund, which is also done electronically. Once signed, the leases are deposited into the eOriginal electronic vault which maintains the electronic originals via controlled access managed by a Madison administrator. The electronic vault features and capabilities ensure that the documents remain legally admissible, enforceable and negotiable as required by law. Results Madison has cut overall processing time by nearly 30%, errors and omissions are significantly reduced and missing signatures are virtually eliminated. Leases are finalized in one day rather than a week or more, and there are no more lost documents or errant shipments. Closing rates are up and Brokers and vendors are being paid within minutes of closing, rather than days or even hours. Overall, the process of implementation was a matter of training key staff, changing a few internal processes, and briefly educating the customer. Reaction from customers, vendors and other constituents who are party to the lease has been 100% positive.
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