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Daily Real Estate News | June 9, 2004
Wells Adopts--And Will Market--E-Signatures
Earlier this week, Wells Fargo & Co. announced plans to begin allowing customers and employees to use digital credentials to electronically sign documents that currently must be endorsed the old-fashioned, pen-and-paper way.
The firm's plan is further evidence of its goals of making a splash in e-commerce, as it recorded a 50-percent increase in Web-based merchant processing volume during May to $3.8 billion. Wells will utilize the SimpleSign technology, offered jointly by Abode Systems Inc. and Identrus LLC, that encrypts a PDF file in a way that confirms the file was locked by the individual to whom an encryption certificate was issued.
Wells plans to apply e-signatures to its own operations but also to offer the certificates to other banks, which could use them to let customers sign mortgage and other documents online without needing to print them, endorse in writing, and return them to the lending institution.
Source: American Banker (06/09/04); Bills, Steve
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