Montreal, QC (PRWEB) June ten, 2009
Silanis Technology’s subsequent-generation Electronic Signature Procedure Management (ESPM) remedy, ApproveIt Web Server three., , has been chosen by Open Dealer Exchange, a newly formed joint venture among market leaders ADP Dealer Services and The Reynolds and Reynolds Business to give e-contracting solutions. Silanis’ solutions will enable a completely automated financing method in which all sales and financing documents will be processed electronically, which includes the creation and storage of legally compliant electronic loan contracts. This new agreement contains ApproveIt Web Server 3.0e-signature process management remedy and ApproveIt Transferable Records Manager remedy.

Open Dealer Exchange was launched earlier this year to support lenders greater integrate the loan origination process which includes credit application processing, contract information integration and e-contracting, into an auto dealer’s transactional, point-of-sale technique. The purpose is to improve operational efficiencies resulting in a faster, a lot more accurate sales method. Silanis plays a important function in e-contracting fulfillment by transforming a manual, paper-primarily based procedure to a completely electronic, Internet-based e-transaction.

Tommy Petrogiannis, Silanis’ President, remarked, “We are seeing a substantial increase in interest from lending organizations such as ODE that are leveraging e-signatures and e-vaulting technologies to complete straight by way of processing and materially lessen the cycle time and expense connected with every transaction.”

Silanis’ options enable Open Dealer Exchange to integrate electronic signature capabilities, secure vaulting, and authoritative copy management into the dealership’s existing workflow. External parties can also verify a non-authoritative copy of the electronic contract and authenticate its contents, including the signatures and the information that has been signed. Ownership of the contracts can be transferred electronically in compliance with UCC 9-105 specifications.

“Open Dealer Exchange was formed to bring higher opportunities and efficiencies to the auto lending procedure and we are excited about the capabilities Silanis offers to help attain these ambitions,” states Marty Zwolan, Vice President of Sales for Open Dealer Exchange.

Lenders, dealers and purchasers alike will benefit from the system’s straight-through processing capabilities. Lenders will invest significantly less time verifying retail instalment contracts since the data contained therein will be full, and match the terms of the loan approval. Dealers will commit far more time with clients, even though submitting contracts a lot more quickly and accurately to lenders, resulting in more rapidly funding and buyers will commit much less time waiting for and signing the several documents needed to purchase a car and apply for a loan.

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