Streamline Your Document Process With the Power of Online Notarization
Each year, Americans need to have a billion documents notarized. These include significant milestones like buying a house, getting married, or writing medical power of attorney. During the pandemic, many lenders turned to remote online notarization (RON) for a turnkey solution that kept borrowers and notaries safe. RON utilizes digital tools, like identity verification and knowledge-based authentication, to confirm the signer’s authenticity.
Streamlined Document Workflows
A robust document management system can turbocharge your business. Not only does it cut costs by reducing the need for paper storage, but it also improves efficiency and convenience for all involved. Online notarization, or RON, is a person appearing before a notary public remotely via two-way video conference technology to sign and verify their identity to complete a notarized document. All regular notary procedures are followed during a RON session, and the interaction is recorded in an electronic journal, preserving critical information for years. To ensure the integrity of their identities, online notaries require signers to capture images of their government-issued IDs that are analyzed for authenticity and compliance. In addition to a transaction record, an online notary will share these photos with the signers for their review – thus completing the “something you have” component of the multi-step identification process. The resulting digital records provide an audit trail for future reference.
Save Time
With online notarization, your customers no longer need to try and find a convenient time to meet with a notary in person. Instead, they can log in to an online notarization platform and connect with a notary over video chat from their mobile device. In addition, RON platforms are built with security and transparency at the forefront of the customer experience. This includes advanced identity proofing cre, dental analysis, and long-term document storage. For borrowers, this convenience can save them valuable time by expediting their loan closings and helping them secure their funds quickly. It also makes the process more accessible for those with busy schedules, who live in remote locations, or who have mobility issues. It’s a paperless solution that brings transparency, security, and convenience for all parties involved. In turn, this leads to a more efficient and effective document process from start to finish. Ultimately, it’s an industry game-changer for everyone.
Reduce Errors
Online notarization allows you to streamline the document signing process by eliminating the need for in-person meetings. Meeting with a notary in person not only slows the document process but also increases the risk of identity fraud, scams, and forgery. With remote e-notarization, the entire video audio session is recorded and saved. This means that if duress or intimidation is a factor, there will be evidence in the record of these cues.
Additionally, many RON software providers offer a suite of built-in cybersecurity and fraud prevention measures. This includes tamper-proof seals, audit trails, and knowledge-based authentication and verification processes that help ensure the authenticity of documents and verify signers’ identities. This helps to ensure compliance with regulations, security standards, and data protection.
Increase Efficiency
With fewer documents needing notarization and more of them completed in a shorter time, banks can realize operational efficiencies. For example, fewer documents requiring notarization means a reduced need to mail them, which saves thousands of dollars per month in printing and postage costs. If you use an online notary platform that implements knowledge-based authentication and database scanning, less work may need to be repeated due to errors. A highly detailed audit trail also helps to mitigate fraud and risk. Online notary platforms store a digitized record of every interaction with a signer, including photos of government-issued ID presented to the notary and a session recording. Online notarization is a popular option among borrowers during the pandemic because it allows them to close on their mortgages or submit insurance claims even as travel restrictions continue. However, it’s a smart move for lenders as well because it allows them to streamline their document processes, maintain a stable turnaround rate, and minimize travel expenses.