Based on both state and federal legislation governing the use and authenticity of electronically signed contracts, eOriginal has provided a document-centric transaction management platform for automating lending processes that uses digital signatures for ensuring documents created electronically remain enforceable, compliant, admissible and most importantly, negotiable.
Simply emailing an electronically signed contract (such as a loan agreement) can create multiple copies of the “original” document. eOriginal’s eCore™ technology provides the ability to establish control of an electronically signed contract, loan, note or lease. This is critical for transferable records that are sold on the secondary market to investors.
The finance industry’s understanding of what constitutes an electronic vault has evolved over the years. Today’s advanced electronic vaulting solutions have developed far beyond the traditional means for securely storing or working with electronic documents. There is a world of functionality electronic vaults possess which eclipse the abilities of even the most robust of these systems.
So what then is the eOriginal eCore® advanced electronic vault? The eCore electronic vault manages the legally binding, Authoritative Copy of an electronically signed contract or other document, and its related ancillary documents, in a secure location where it is held and transitioned during the entirety of its lifecycle.
The electronic vault uses digital signatures to bind electronic signatures within pdf documents and to create tamper-evident audit trails. Not only are the documents and audit trails digitally signed, but eCore also digitally signs the instructions sent to the system on behalf of its owner/controller.
This technology demonstrates ownership (control), and compliance with UETA, ESIGN, UCC Rev. Article 9-105, and other state and federal regulations governing electronically signed original documents. As document interaction occurs throughout multiple stages along the document’s lifecycle, the system controls access and tracks all activity from execution (signing), through servicing, and finally to secondary market sale or payoff.
The eCore advanced electronic vault offers a robust feature set which:
Facilitates the identification, handling and holding of legally admissible Authoritative Copy/Electronic Original® documents using standard PKI.
Protects documents using robust encryption, with documents time-stamped and wrapped within a digitally signed tamper-evident seal.
Keep digitally signed audit trails on every document, providing thorough access and transaction histories
Gives the institution the ability to produce legally admissible print copies of electronic original documents which includes information from the digital certificates used to create and manage the transaction
Allows for the transition of documents based upon status changes, cancellations, sales, foreclosures and other events
Allows the institution to use digitally signed messages to permanently destroy or remove the Authoritative Copy from the vault while creating an enforceable paper version
Integrates retention policies into the solution, with documents held, transitioned or destroyed as called for by status
Enables and allows the pooling and securitization of electronic transferable records for resale. Offering, accepting and confirming buy/sell instructions are all digitally signed
Document imaging or document management services fall short in the protection and auditing of the owner entity when called upon to produce non-reputable evidence of an Electronic Original® - or “authoritative copy” - in a court of law. Document and content management systems, for example, while facilitating the ease of access and sharing of electronic documents, are not vaults and are insufficient to provide required management and protection features demanded by state and federal compliance regulations.
Technically, the eCore vault delivers layers of protection both from the digital tamper-sealing of the documents and via the granular level of access and permissions governed by the vault’s administrator.
In an environment where the vault is integrated into an enterprise’s business process, API calls are used to control the management functionalities available to the vault administrator. Using PKI, electronic signatures are bound to the documents upon their initial deposit, and the electronic documents are grouped and digitally sealed with 256K-bit encryption. This tamper-evident seal ensures that any and all access to that document is logged in the document’s permanent audit trail.
Functions such as transfer of location, pooling and securitizing and vault-to-vault transfers incorporate processes built by eOriginal to ensure the integrity and exclusivity of the Electronic Original® document as it moves from owner to owner or location to location.
Other vault companies lack the full feature set delivered by eCore. eCore protects more electronic contracts than all other same-class vaults combined, with more than 500,000 deposits residing in and protected by eOriginal technology.
Eventually, as more and more electronic processes are adopted by financial and other industries, including international trade, healthcare and pharmaceutical, government and more, many will require advanced vaulting technology to ensure the level of protection and compliance necessary for long term security of electronic assets.
Companies providing document imaging systems, while sufficient for many purposes, are not able to provide what eCore offers to meet the requirements for transferability of electronically signed contracts.
Customers gain the security, compliance and accessibility they need in order to legally create, manage and sell electronic contracts. They can use any electronic signing process (signing pad, click, etc.), and, with our server-based application, can close at their convenience and in their own environment.
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