Sign of the Times by ProQuest

VIEWS: 13 PAGES: 3

Legal protection allowing customers to sign loan documents and open accounts electronically has been in place since passage of the Electronic Signatures in Global and National Commerce Act 10 years ago. But e-signature has become increasingly popular among even the smallest of community banks, as a variety of technologies have taken much of the IT hassle out of the bank. The market for e-signature software is larger, but use of online solutions from software-as-a-service providers is becoming more prevalent, says Gregg Kreizman, research director at the Stamford, CO, market-research company Gartner Inc. Tom Gonser, VP at DocuSign Inc in Seattle, explains how his firm's online solution works: A community bank employee -- "Pat" -- with documents to sign logs onto the bank's DocuSign account on DocuSign's server using a Web browser and creates a new transaction, called an envelope. Once in DocuSign's server, documents are locked down so they cannot be tampered with, and the audit trail continues to monitor them.

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                           Sign of the
                                                                                                                                                             How it might work
                                                                                                                                                             Tom Gonser, vice president
                                                                                                                                                             at DocuSign Inc. in Seattle,




                    Times
                                                                                                                                                             explains how his firm’s online
                                                                                                                                                             solution works: A community
                                                                                                                                                             bank employee—“Pat”—with
                                                                                                                                                             documents to sign logs onto the
                                                                                                                                                             bank’s DocuSign account on
                                                                                                                                                             DocuSign’s server using a Web
                                                                                                                                                             browser and creates a new trans-
                                                                                                                                                             action, called an envelope. Pat
                                                                                                                                                             uploads all documents that need
                                                                                                                                                             signatures into that envelope.
                                                                       E-signatures are catching on as the last stop in paperless lending                       Pat can also print documents
                                                                                                                                                             right out of the bank’s applica-
                                                                              BY KATIE KUE H NE R - H E BE R T
                                                                                                                           Many community banks use          tion, using a print driver, which
                                                                                                                        e-signature technology offered       can be installed on the employee’s

                                                                                    L    egal protection allowing
                                                                                         customers to sign loan
                                                                                    documents and open accounts
                                                                                                                        through their core processors,
                                                                                                                        which contract with e-signature
                                                                                                                        vendors for various applications.
                                                                                                                                                             computer. Using this tool, Pat then
                                                                                                                                                             selects “print” from the standard
                                                                                                                                                             application menu and selects
                                                                                    electronically has been in place    Others contract directly with        “send in DocuSign envelope”
                                                                                    since passage of the Electronic     third-party vendors, which pro-      rather than a local printer. Instead
                                                                                    Signatures in Global and            vide a software-hardware combo       of printing a paper copy, the driver
                                                                                    National Commerce Act 10            (including digital signature         sends the documents directly to
                                                                                    years ago. But e-signature has      pads), an online solution or both.   the bank’s DocuSign system and
                                                                                    become increasingly popular            The market for e-signature        into the envelope to prepare it
                                                                                    among even the smallest of          software is larger, but use of       for signature. Both options a
								
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