eOriginal Software Platform for Creating and Managing Electronic Car Loans and Leases Via the Internet
NEW ORLEANS--Jan. 2, 20057, 2005--| BIGFNI Advances Offering at Annual AFSA Automotive Conference |
eOriginal, Inc., announced today that Bankers Integration Group (BIG) will implement eOriginal's eContracting technology as part of the BIGFNI automotive finance portal www.bigfni.com. eContracts are electronic retail motor vehicle installment agreements that are executed via internet loan origination portals where dealers and lenders manage the automotive financing process on behalf of consumers. The announcement highlights the opening of the American Financial Services Association's (AFSA) 9th Annual Vehicle Finance Conference and Exposition being held here this week.
Using BIGFNI, a consumer may now apply for a loan at their local dealership and receive a real-time, automated decision from a participating financing source. The consumer and F&I manager at the dealership may then electronically sign the loan, which will be sold and transmitted to the lender via eOriginal's secure vault-to-vault transfer capabilities. The electronic signature and transfer of custody and control require specific security and audit procedures that enable the consumer, dealer, lender, subsequent investors and the legal system to treat eContracts the same as traditional paper. Finance sources will use the eOriginal Vault-in-a-Box software to securely receive, store and manage eContracts in their data centers.
"Bankers Integration Group has strategic agreements in place with a number of major financing sources to provide BIGFNI's unique, on-line consumer credit application processing and approvals. Now, with the eContracting capabilities of eOriginal available to our lenders and their affiliated dealerships, we are taking another giant step toward the complete elimination of paper in the auto finance process," said Mike Dunn, CEO at BIGFNI.
"Internet portals, like BIGFNI, are beginning to revolutionize the automotive financing industry. We are pleased to have been selected as BIG's eContracting technology vendor and we are looking forward to providing their lenders and dealers with the security and comfort of using our proven technology to create AFSA compliant and legally enforceable eContracts. We have established the leadership position in the eContracting origination market. With over 50 million automotive financing and leasing transactions executed in the U.S. each year, we expect to continue our rapid growth through relationships with visionary organizations such as BIGFNI," said Jack Stose vice-president of sales and marketing at eOriginal.
About Bankers Integration Group:
Bankers Integration Group is an application service provider whose patent-pending BIGFNI software solution provides a Web-based risk analysis engine that is unique to the auto finance industry. The BIGFNI solutions do more than simply automate the finance application process between financing sources and automobile dealers. It provides a powerful tool for prescreening loan applications and matching them to lender profiles. For more information about Bankers Integration Group, visit the company's Web site at http://www.BIGFNI.com.
About eOriginal:
eOriginal, Inc. is a leading software provider offering end-to-end integrated solutions for creating and managing electronic contracts, transferable negotiable instruments, and original source records. eOriginal's software enables enterprises to sign and secure, online business agreements in which legally enforceable electronic documents completely replace paper as the essential high value assets. eOriginal solutions provide compliance for managing electronic signatures and transferable records under E-Sign, UETA and UCC Revised Article 9.105. eOriginal Vault-in-a-Box, eOriginal SmartSign and eOriginal eCore Business Suite are trademarks of eOriginal, Inc. eOriginal is headquartered in Baltimore, Maryland. For more information, visit www.eoriginal.com.