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Wave Systems and Efficient Forms Provide Paperless Document Management for Financial Services Indust
Wave Systems Corp. announced its wholly-owned eSign Systems group has signed an agreement to provide Efficient Forms, Inc., with electronic signature and document management solutions for its iForms Suite of products. The partnership products will first be applied to improving the transaction efficiency of financial services and brokerage operations.
Efficient Forms' iForms Suite will use Wave's eSign Transaction Management Suite (eTMS), which is designed to allow organizations to manage business processes and transactions entirely online, without the need for time-consuming and costly ink signatures and paper storage, overnight mail or expensive traditional delivery services.
The joint Wave-Efficient Forms solution will first be deployed at Fiserv Investment Support Services (Fiserv ISS). Fiserv ISS' customers, in financial services and brokerage applications, will use interview-style, interactive forms and legally-binding and standards-compliant electronic signing capabilities. Fiserv ISS is a business unit of Fiserv Inc. (NASDAQ:FISV).
Efficient Forms' iForms Suite is designed to allow organizations to effectively bring disparate data together to populate any type of internal and external form. With iForms Suite, companies can reduce manual entry of forms, eliminate forms version control maintenance, and minimize data maintenance typically required with forms compliance issues.
By adding Wave's eTMS functionality to this offer, organizations can create, sign, store, access and manage the lifecycle of legally-binding electronic records, all within the framework of federal and state laws governing e-signature and e-records, including ESIGN, UETA, Revised Article 9 of the UCC, and industry association standards such as SPeRS and USPAP.
"By adopting Wave's e-signatures functionality we will enable our financial services customers to enjoy the benefits of eliminating paper processes that would typically require a wet or written signature," said David Kenny, CEO of Efficient Forms. "Critical documents that in the past could take weeks to complete can now be signed real time resulting in significant cost savings through the elimination of transportation, processing, copying, and storage cost."
"By working with Efficient Forms and Wave to electronically capture the information necessary to complete and sign forms, our clients' requests will be processed more quickly and efficiently," said Skip Schweiss, executive vice president of Fiserv ISS. "This is another step forward in our commitment to provide superior customer service and enhanced technology to our clients."
"The iForms Suite represents a significant technology leap in forms technology," said Scott Schrader, president of Wave's eSign Systems group. "This joint offering layers on top of that what we have designed to be a complete, end-to-end solution for financial services customers and represents what we believe is a large potential market. Wave's eTM Suite is an emerging leader in e-vault, e-sign, PKI-based identity and integration services, and we believe that Efficient Forms is the established leader in interview-based forms creation. Together it is our plan to form a unique solution in the marketplace."
Wave Systems will be paid a fee for each form using its eSign System technology.
Wave's eTM Suite consists of SmartSignature(TM), SmartSAFE(TM), SmartIdentity(TM) Services, SmartConnect(TM), the SMARTDoc(TM) Mortgage Banking Module and the EMBASSY(R) Trust Suite of software solutions.
The SmartSignature application uses digital certificates in a point and click signing process or server-based electronic signatures. SmartSAFE stores digitally-signed, legally-binding contracts in a document repository. SmartIdentity Services validates the identity of parties involved through a PKI-based identity application using an Equifax(R) patented process and automated digital certificate issuance. The eTM Suite SmartConnect solution offers web services for integration with other applications such as workflow, legacy systems and CRM. 01.07.2005, Wave Systems Corp.
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