Contract Management can be a costly business. With the need to print, send, physically sign, resend, store and retrieve documents costs can quickly add up. At Penstream we are always looking for innovative approaches to doing business and having already implemented a number of solutions where signature capture is a critical part of the workflow we have been researching this particular area.
There are some interesting recent entries into this space such as DocuSign and Adobe EchoSign® we thought we should share with you some of the details on the players and the technology.
DocuSign have won multiple awards for their product and look to be the top player in this area. As of this writing there is a personal account that allows one user to request 5 signatures and unlimited documents completely free. One of our business partners has even used DocuSign in a Real Estate transaction recently and they couldn’t have been more positive about the benefits of the system.
Adobes EchoSign® is a typical high end entry with an extremely simple workflow and also offers a limited personal account free of charge. With integration into Adobe Acrobat XI it is going to be hard to beat as an end to end solution for Electronic Signature Capture.
During our research we found that there is sufficient legislation to fully support legal transactions within Ireland and the UK using Electronic Signature Capture and it is already widely used in the US. In Ireland, however, the signee must consent to use of their signature in Electronic form prior to signing the document.
There are some interesting developments in the area of Digital Signature Verification which will no doubt be very important for financial institutions or indeed any legally binding documents / contracts.