Electronic signature provider Silanis Technology has been engaged by a UK-based mail-order retailer to enable the electronic completion of consumer credit applications over the web in accordance with Consumer Credit Act regulations.
According to Silanis, the adoption of its system will lower the risk for both the mail-order retailer and its customers by enforcing an online credit application process that ensures all required documents governing loan terms and conditions are properly reviewed, completed and signed. This represents the fifth significant contract win, and first in the UK, for Silanis in calendar second half 2008.
Silanis has said that its ApproveIt Web Server enforces a review process ensuring consumers take the needed steps to understand loan terms and conditions as part of the application process, strengthening legal enforceability and improving customer relations by minimising the potential for contractual disputes. The retailer also views the adoption of electronic signatures as a key way to cut transaction-processing costs through the resultant automation.
Abe Smith, CEO of Geneva, said: Geneva is very pleased to have assisted the retailer in its selection of Silanis’s electronic signature solution. Our extensive experience helping UK financial institutions to leverage technology solutions will ensure their successful implementation of electronic signatures.
