News
November 24, 2002
ECSI is pleased to announce the release of our new eProm product. eProm
allows a borrower to review and sign their promissory notes electronically.
Initially, the product is limited to Federal Perkins loans, both open and
closed versions. Additional debt types will be released in the future.
Compliance
The eProm product meets the requirements of the Department of Education's
"Standards For Electronic Signatures in Electronic Student Loan
Transactions", revised 7/25/2001. ECSI uses the Department of Education
approved "Student Authentication Network" (STAN) product, provided by NCS
Pearson. This enables us to ensure that the borrower is who they claim to
be. Using STAN also provides the school with a measure of protection from
fraud and reduces the possibility that the school would have to replenish
the fund. The signed Perkins promissory notes are presented in the format
published by the Department of Education as acceptable for electronic
transactions.
Feature: Satisfy Entrance Interview Requirements
The eProm product allows the student to meet the requirement of an entrance
interview as part of the electronic signature process.
The electronic entrance interview is optional. Clients can select a
mini-entrance interview, a full entrance interview or no entrance interview.
- The mini-entrance consists of a rights and responsibilities page and a
demographics page. This is most useful if you will be meeting with students
but wish to shorten the process by allowing them to provide their
demographics and a chance to review their rights and responsibilities before
attending an entrance interview session.
- The full entrance interview presents a narrative
concerning the document about to be signed and a series of questions to test
the borrower’s understanding of the material, a rights and responsibilities
page, an estimated repayment terms page and demographics. Both the narrative
and questions can be customized to meet each client's requirements. This is
most useful when you wish to give the student the opportunity to not attend
an entrance interview session.
Feature: Collect Demographic Information
The demographic page consists of four sections: Student, Next of Kin,
Reference 1, and Reference 2. Each section contains first, middle, and last
names; address; city, state, zip; home and work phone numbers; and Email
address. The student section contains the following additional fields: date
of birth; cell phone; drivers license number and state. Each reference also
contains the additional field: relationship.
The student information is pre-populated from the promissory note. ECSI
requires the following fields to contain a valid value: first and last name;
address; city, state, zip; date of birth. The Email address is required but
will accept the word “none”. Each client can determine if the remaining
fields are made optional or required. Clients can even determine the number
of references required.
Privacy and Security
As with all ECSI Web-enabled products, great lengths have been taken to
protect the privacy and validity of the data we collect. All promissory
notes are compressed and encrypted to 448-bits. All available precautions
have been taken to secure the site and the data. ECSI maintains a valid site
certificate (issued by Verisign) and presents sensitive data using the
industry standard SSL (https:).
Our eProm product provides a comprehensive solution to electronically sign
and process promissory notes. If you would like to know more about ECSI's
electronic signature product "eProm", please contact us at
admin@ecsi.net.
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