Corcentric Adds Wolters Kluwer’s eOriginal® Electronic Documentation to Streamline Equipment Lease Financing Program
Two added solutions give customers quicker access to their equipment and enable the secure electronic signing of lease documentation.
CHERRY HILL, NJ, APRIL 12, 2021 — Corcentric, a leading provider of business spend management, revenue management and fleet solutions and services, has chosen Wolters Kluwer’s eOriginal® solution to help offer compliant, end-to-end electronic equipment lease finance transactions. eOriginal, acquired by Wolters Kluwer’s Governance, Risk and Compliance division in December 2020, is a leader in purpose-built digital lending solutions. eOriginal solutions include electronic signatures, collateral authentication and an electronic vault. The eOriginal suite of services will support the creation, execution and security of electronic equipment lease finance transactions, making a historically cumbersome process simple and secure for Corcentric customers.
The conversion to electronic signatures and electronic vault solutions will further enhance Corcentric’s digital documentation offering, improving customer service and saving time and money by digitizing the paper-intensive signing process. It also eliminates the need for physical document distribution and wet ink signatures.
“As a heavily regulated industry, every equipment funding transaction we close requires signatures on over 25 documents,” said Ray Ellingsen, Corcentric’s Vice President of Operations. “The restriction on public gatherings during COVID and the current work from home mandates from employers, combined with the cumbersome back-and-forth mailing of critical, time-sensitive documents, created a huge need to find a more efficient solution for a paper-intensive process that traditionally requires in-person meetings.”
Available immediately, Corcentric will offer its clients the benefits of two Wolters Kluwer eOriginal electronic documentation solutions:
- SmartSign™eSignature technology will allow customers to electronically execute lease finance documents anywhere, anytime, saving time and expense by providing immediate access to documents and equipment. A significant portion of lease contracts are signed at the end of a calendar year, making it possible for customers to easily complete the transactions during holiday and vacation periods. They can even sign documents from a Smart phone.
- eAsset® Management, a secure electronic vault technology, will permanently bind electronic signatures to a document, creating tamper-proof seals demonstrating necessary legal signature authorities and collateral authentication for all documents placed in the electronic vault. Important documents may be maintained in an authenticated electronic format for their full legal life.
About Wolters Kluwer Governance, Risk
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2020 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
Corcentric is a global provider of business spend management and revenue management software and services for mid-market and Fortune 1000 businesses. Corcentric delivers software, advisory services, and payments focused on reducing costs, optimizing working capital, and unlocking revenue. To learn more, please visit corcentric.com.