Electronic signature solution to enable real time credit applications

Tue 25th November 2014

Pancredit has launched an Electronic Signature solution designed to enhance point of sale (POS) consumer credit applications.

The solution enables retailers, car dealerships and other providers of consumer credit agreements to digitise the entire credit application process, including the acceptance of the customer’s binding signature which is captured on a tablet. By removing the final paper-based hurdle in the credit applications process, providers can finally eliminate the cumbersome administration associated with paper applications. When processed digitally, the turnaround time between application and approval is greatly reduced and, in many cases, can be completed in real time, at the point of sale.

“Our Electronic Signature solution enables companies that sell goods via credit agreements to increase their efficiency and deliver a greatly enhanced buying experience to their customers,” comments Graham Donald, Managing Director, Pancredit. “By processing credit applications quickly and efficiently via a tablet we can replace an archaic paper-based procedure, which could take days to complete, with an instant, digital alternative.

“Once an application has been approved, the binding agreement and Standard European Consumer Credit Information (SECCI) are presented to the customer as a PDF. The consumer is then able to sign or tick a box on the screen to confirm their acceptance.  The system records the date, time and IP address of the agreement and generates automatic confirmations, which are sent to the customer, lender and vendor, making the process quick and easy for all parties.”

Pancredit’s Electronic Signature solution can be delivered as a standalone solution which can be integrated into a provider’s existing web portal or accessed via a web service call.  The solution is also fully interoperable with the company’s suite of intelligent lending software products, enabling finance companies already using Core Pancredit to quickly add this functionality to their existing systems.

“Our Electronic Signature solution has been successfully installed and proven with one major UK retailer, so we are very excited to launch the solution to the wider market,” adds Graham.  “The solution works harmoniously with Pancredit’s existing portfolio and, when implemented, will further augment the operations of a number of our lender customers across the retail, personal loan and motor finance industries.”

Pancredit, part of the Equiniti Group, has 25 years’ of systems development experience in the UK lending marketplace. Its solutions are in use with a wide range of financial services clients, including banks, financial institutions, brokers, price comparison sites and unsecured lenders in consumer, automotive, retail and education.