Paragon’s Motor Finance division has launched e-signature technology Flexi-sign to help intermediaries meet recommendations made by the Financial Conduct Authority (FCA).
Flexi-sign is a new advanced electronic signature solution that enables faster pay-outs along with providing dealers and brokers with more choice and a standardised process when completing documents and verifying ID with consumers.
It follows recommendations in the FCA report on the motor finance industry, published in March, which put an emphasis on standardising documents and improving the customer journey.
The FCA said it wanted consumers “to have sufficient, timely and transparent information when taking out motor finance, so that they can fully understand the different motor finance options, including the risks they may pose”.
Paragon’s system, supplied by award winning secure digital engagement platform BONAFiDEE, allows introducers and customers the convenience to sign anywhere – with an option to read and sign documents remotely through Sign Solo. It means customers have the chance to peruse and sign documents away from the pressure of a showroom and in the comfort of their own home.
It also offers alternative options of “Sign Now”, when the customer is present and completing forms face to face, or the back-up of printing paper documents.
Flexi-sign capability covers regulated and non-regulated agreements and can be used on a variety of devices including desktops, laptops, mobile phones and tablets. The system is protected with increased security and fraud prevention.
Julian Rance, motor finance director at Paragon, said: “Using e-signature technology like Flexi-sign is more beneficial to brokers and dealers as it speeds up the pay-out time and offers more convenience and choice.
“We want to make life easier for intermediaries by improving the process and also helping them meet recommendations put forward by the FCA on standardising relevant documents and pre-contract information.”
Steve Toms, founder of BONAFiDEE, said: “By partnering with BONAFiDEE, Paragon is adding a new level of secure digital engagement. Thanks to its completely paperless system, important documents can be completed and e-signed in a convenient, secure, compliant and evidencable way, empowering everyone to engage digitally with supreme ease and confidence.
“Whether finalised in the car showroom, or later, at the customer’s convenience on their phone or mobile device, this new partnership is playing a vital role in streamlining the customer journey whilst reducing the risk of online fraud. As a result, Paragon has the most robust and legally enforceable e-signature solution available.”