Question: My bank is considering implementing some form of Electronic Signature. What considerations do we need to make when looking for a solution.
Answer: The main considerations should be from the perspective of when your process will be put to the test. If you find your institution is involved in a court case then the following processes utilized by the institution will need to be verifiable.
The institution verified the customer is who he/she claimed to be. This is usually done by visually inspecting one or more forms of government ID as well as performing Address, SSN and Date of Birth verifications. This process should be in place whether utilizing electronic signature or not.
The customer agreed to allow your institution to use the form of electronic signature for his/her account.
The customer agreed to the terms and conditions stated on each document for the account.
The documents have not been modified since his/her acceptance.
Digital Banking Solutions BoilerplateDigital Banking Solutions, Inc. provides dbPlatform, a single integrated compliance driven deposit and loan origination system. dbPlatform streamlines work flow for account origination interfacing with the core system, credit bureaus, identity verification, ChexSystems® services and check ordering. The system also provides Digital Authentication Electronic Signature and interfaces to an image archive system.
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