Montreal, QC (PRWEB) October 12, 2006
Silanis Technology today revealed that it is the electronic signature and vault provider behind ADP Dealer Services’ Digital Contracting solution in the U.S. Named ApproveIt Web Server, the resolution enables automobile buyers, dealers, lenders and investors to participate in a completely automated financing process in which all sales and financing documents can be processed electronically, such as the archival, pooling, and securitization of contracts.

Eliminating the inefficiencies of paper from the procedure will give instant benefits to every person involved. Purchasers will commit less time waiting for and signing the 25+ documents required to buy a automobile and apply for a loan. Dealers will spend much more time with consumers, while submitting contracts more swiftly and accurately to lenders, resulting in more quickly funding. Lastly, lenders will commit much less time verifying retail installment contracts simply because the data contained inside will be comprehensive, and match the terms of the loan approval.

“For far more than 25 years, dealers have turned to ADP to facilitate their F&I processes,” stated Paul Rindone, Vice President of the Monetary Services division of ADP. “Our Digital Contracting answer tends to make the contracting process more quickly, much more precise and comprehensive.”

Silanis’ solution permits ADP to integrate legally enforceable, electronic signatures, safe vaulting, and authoritative copy management into their technologies offering without having altering the workflow that clients, dealers, lenders and investors are familiar with.

F&I managers continue to guide customers by way of the evaluation and signing procedure of documents, but rather than sign the contracts with pen and paper, clients can use the electronic signature pad provided by the Silanis’ resolution. Since the approved loan terms are automatically added to the corresponding electronic contract, the amount of errors and information omissions are substantially lowered.

When the deal is finalized in the back workplace, clerks can then electronically transmit the contract to lenders. Silanis’ electronic vaulting remedy enables external parties to confirm a non-authoritative copy of the electronic contract and authenticate its contents, including the signatures and the data that has been signed. Just as in the paper planet, ownership of the contracts can be transferred primarily based on UCC 9-105 needs.

The foundation for Silanis’ platform is ApproveIt – a 6th generation technologies that combines the safety of a digital signature with a legally enforceable approach and advanced usability characteristics. This special ‘docu-centric’ method permanently embeds the digital signature and creates a corresponding audit trail within the documents so that they remain safe as they travel from user to user and program to technique. This also enables Silanis’ platform the flexibility and seamless integration with the auto-finance industry’s current business processes.

The ApproveIt platform consists of two solutions for the automotive industry: ApproveIt