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ONLINE electronic signature technology for car finance and purchase deals has been launched in the UK to speed up the transaction process.

Startline Motor Finance, a car finance business based in Scotland, introduced the e-agreement system devised by UK financial transaction specialist company Dealflo to reduce paper use, minimise customer time and, overall, reduce the time spent on signing and verifying documents.

Startline chief executive Paul Burgess said that the old system “would mean us e-mailing the paperwork to the dealer, who would then print it out for a traditional ‘wet’ customer signature, which would have to scanned and returned or sent back to us as a hard copy”.

“Now, it is just a matter of a few clicks and returning the document online ‘signed’ by the customer using industry acknowledged standards for authentication. It very much brings the process into the 21st century,” he said.

“Also, with each proposal unavoidably running to something like 20-25 pages in total and multiple copies sometimes being printed, the savings in paperwork easily account for a small forest of trees.”

Dealflo’s e-agreement product works with a background of user authentication data that allows documents to be transferred, read and accepted. The process is controlled and monitored and then stored as electronic evidence for auditing purposes.

By Neil Dowling

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