Digital Compliance in Marketplace Assets in the Secondary Market

Marketplace lending is transforming many aspects of the lending industry. The technology platforms on which these marketplaces operate affect both the origination and the secondary market into which these loans are sold and increasingly securitized. Intuitive webpages collect borrower data, algorithms automate underwriting, providing borrowers with lower rates, better user experience and faster closings. Investors can select digital assets with filters and apply their own algorithms to earn higher returns than other asset classes.

While this first wave of Fin Tech has accelerated asset velocity, it has not created trust in the accuracy of these financial assets. The traditional approach to this challenge is to verify the accuracy of the key loan data tape elements and loan file completeness. This service is typically performed by the Document Custodian who when onboarding the documents into its system acts as the Verification Agent. The Verification Agent Certificate is issued to the warehouse lender, securitization trustee or other “economic buyer” and attests to the accuracy of the loan pool.

While this approach worked well in the paper world, several trends require a new approach which can deal with each of the following:

  • Velocity. Marketplace asset velocity requires an automated solution that can keep pace.
  • Flexibility. Investors want to diversify their portfolio across multiple Marketplace Lenders and asset classes, so the solution must be flexible.
  • Downstream Reliance. As these assets move from warehouse lender to securitization or sale, each economic buyer needs certainty of their ownership in the asset and the accuracy of each asset.
  • Cost. The costs of verifying the assets adversely impacts expense ratios of investment funds and securitization expenses.

In response to these trends, VeriComply has developed a solution that achieves these four objectives. As depicted in the diagram, here is how it works:

  • Multiple Marketplace Lending Platforms Connected– VeriComply automatically pulls the data and document package from the platform
  • Multiple Asset Classes Configured– VeriComply configures a Process Flow for each asset type
  • Automated Processing– loan file is auto classified, validated, data compared and then QA as needed
  • Certificate Issued– Certificate issued with schedules validating loan data accuracy and file completeness

processflow

Benefits. This solution offers benefits to the entire marketplace ecosphere:

  • Marketplace Platforms– greater demand for assets as investors have increased trust
  • Warehouse Lenders– easy integration with operations for rapid execution and reduced risk
  • Investors– reduced risk, reduced costs and greater liquidity for the assets
  • Underwriters– reduced diligence risks and costs and accelerated closings of deals
  • Rating Agencies– reduced compliance risks and costs for reviewing assets
  • Regulators– complete audit history of each asset in a securitization pool

Tracking Medical Devices – MedDevTrack Webinar

insert alt text here

Thursday, November 17, 2016, at 11am PST / 2pm EST

Register Now!

 

MedDevTrack is unique in the medical device industry as it provides an end-to-end solution for device tracking – beginning from the end of manufacturing through all phases of distribution, clinical use and patient tracking. It features a workflow engine that allows you to configure the software to match your SOPs and provides a self-auditing record for compliance to your own SOPs and those imposed by regulatory agencies.

Providing a comprehensive, integrated Medical Device Tracking solution for all your stakeholders:

  • Procurement/Distribution
  • Regulatory/Quality Assurance
  • Information Technology
  • Medical/Clinical
  • Post-Marketing/Surveillance

Thursday, November 17, 2016, at 11am PST / 2pm EST

This webinar is part of our continuing Medical Device Tracking Symposium Series by leading industry experts working with solutions for medical device tracking and regulatory compliance. We want to bring you much more accurate information than you can find through internet searches – real, actionable tips from the people who are constantly refining their knowledge to provide a great forum for sharing critical information and updates.

Managing Personally Identifiable Information (PII) with DocuNECT

Many organizations today manage, use, store and/or distribute documents that contain Personally Identifiable Information (PII). This is done internally for employees or, depending on their area of business, for customers, patients, residents and students. This digital economy relies heavily on the storage, access and transfer of data so putting in place policies and technology to manage this is becoming critical.

Document management adds a layer of complexity as the data is not only stored in databases (metadata), but also in the content of the documents. If your business model requires the distribution of documents then technology needs to be put in place to redact the data in the documents as well as encrypt the data in the database.

Examples of PII

The following list provides examples of PII data:

  • Name and other names used;
  • Social Security number, full and truncated;
  • Driver’s license and other government identification numbers;
  • Citizenship, legal status, gender, race/ethnicity;
  • Birth date, place of birth;
  • Home and personal cell telephone numbers;
  • Personal email address, mailing and home address;
  • Religious preference;
  • Security clearance;
  • Mother’s middle and maiden names;
  • Spouse information, marital status, child information, emergency contact information;
  • Biometrics;
  • Financial information, medical information, disability information;
  • Law enforcement information, employment information, educational information; and
  • Military records

DocuNECT provides a number of security features and functionality to manage the storage, access and distribution of PII data.

Encryption at Rest and in Transit

Data needs to be protected when it moves from server to user and also when it is stored. DocuNECT encrypts the data in transit and at rest. When you define metadata to store documents, you can encrypt and mask the data. For example, a credit card number can be displayed as * except for the last 4 digits.

Free-Form Auto-Redaction of PII in Documents

If you want to distribute documents the PII needs to be protected in the content of the document. DocuNECT has a powerful business rules engine that can identify and redact the PII so the documents can be safely distributed. This functionality is not based on x/y coordinates of data, but uses technology to identify the PII contextually using the content itself. Therefore, this functionality can be used for both structured and unstructured documents.

Document Distribution

DocuNECT can distribute the redacted documents in a number of format specifications, whether it be a defined folder structure or a third party business application.

Role-Based Access to Documents and Data

Access to the documents and data can be tightly controlled so only the right users have access to the right information.

Audit Trails and Reporting

Every document and data action is audited in the system, from user access to document actions. This allows the complete chain of custody to be stored to help with compliance.

Top 5 Document Migration Challenges

The document management marketplace has been with us for over 20 years and is still going strong. The longevity of the market creates conditions where companies can have more than one document management system. Systems can be inherited through acquisition, disparate departmental systems, or systems from software vendors that is no longer focused on the technology.

The following list provides the business drivers behind document/data system centralization:

  • Reduce IT complexity and maintenance costs
  • Reduce Infrastructure complexity
  • Adhere to regulatory retention, audit and compliance policies
  • Eliminate information silos
  • Safeguard information integrity

The following list is our top 5 challenges with document migration projects:

1. Old Technology

This goes with the territory. If customers are looking to migrate content, the source system is likely to be hosted older technology/hardware using older software versions. The target is the reverse. Therefore, the migration process has to span technical environments that can be some years apart in compatibility. Another issue here is system accessibility, as support for older APIs need to be maintained.

2. Missing/Corrupt Documents

A migration forces a read of every document in the system and if the system has not been used for a while missing/corrupt documents can be identified.

3. Data Interpretation and Translation

The taxonomy of data that is stored with the documents in the source system may have been designed some years before. For example, an index value and data that made sense 10 years ago in one context can have no value now, or categorization of certain document types has changed and need to be translated. This situation causes the business to get involved to advise on the data translation scheme. This is important to do, but can increase the timescales of the project.

4. Managing Time Expectations

Legacy systems can accumulate a large number of documents and data, some well in the millions, which can take time to migrate. Although timing expectations can be set during the project initiation, it is recommended to perform a pilot migration to prove the process and understand the timing in context of the environment. The following points should be considered when estimating the timing:

  • Network Throughput – Document management is network intensive as it moves both data and documents and migrations involve continuous movement of data.
  • API and Document Processing Overhead. It easy to think that you can roughly estimate a document management migration by timing just the file copy. However, there is the overhead of the source and target system APIs, and any additional processing that is required while migrating, such as OCR’ring or rendering the document to a different format.
  • Impact on Production. If the source/target systems are in use, concerns will be raised about the impact the migration will have on production. The migration process could utilize the resources enough to slow down the system which impacts the business users. This situation may force the migration to be run at night only.
5. Differences in Document Management System Taxonomies

Not all document management systems are made equal. Objects or data contained in the source system may not all have a “slot” in the target system, or are simply managed differently. This means that a discussion with the business is required to reconcile and understand the differences. Areas that have caused discussion in our experience are:

  • How to Handle System Data
  • Differences in Managing Security
  • Moving Annotation Objects

Migration projects take careful planning and the above points should be considered and discussed with the business before timescales are presented and socialized.

Portford has developed a document migration methodology to accompany our own DocuNECT migration technology to address these challenges and to make sure migration projects are successful.

Contact us now if you want help in planning your next migration project.

OpenText Signs Definitive Agreement to Acquire Dell EMC’s Enterprise Content Division, including Documentum

On 9/12/2016, OpenText announced the acquisition of Dell EMC’s Enterprise Content Division (ECD) for $1,62 billion. ECD is the division of EMC that Portford has partnered with for many years and manages the following products:

  • Documentum
  • ApplicationXtender
  • eRoom
  • Captiva
  • InfoArchive

It will be interesting to see over the next few months how OpenText will choose to integrate and market the ECD products as there is some overlap with existing OpenText portfolio. However, the overall “blended” product line will make OpenText a powerful player in the ECM marketplace.

OpenText is dedicated to the ECM, which is another positive as the EMC ECD products now have a more focused company to take the products forward.

We believe that this is an exciting opportunity for ECD products and look forward to seeing the future unfold.

Click on the URL below to read the full press release from OpenText:

http://www.opentext.com/who-we-are/press-releases?id=51B5E97A2C384D1DBCD94180192DB53A

Don’t hesitate to contact us if you want to discuss the acquisition in more detail.

CIO Review Announces Portford as one of the 20 Most Promising Document Management Solution Providers in 2016

CIOReview

Going paperless can save enterprises’ time and money. In that respect, choosing the accurate document management system (DMS) enables industries and employees to dissipate paper from office, optimize costs involved in ink and storage space and optimize time involved in searching for right data in files. It helps companies store, manage and track electronic documents and images based information using document scanner. Considered as one of the precursor technologies to content management, DMS enables organizations to incorporate standard physical document filing practices electronically by providing storage location, security and access control, version control, audit trails, and check-in or check-out and document lockdown.

The solution serves global audience irrespective of the size and scope of the industry. In order to guide the CIOs around the landscape of document management system, CIO Review is coming up with an annual special edition on the most promising Document Management companies.  A distinguished panel comprising of CEOs, CIOs, VCs, analysts including CIO Review editorial board has announced that Portford Solutions is one of the “20 Most Promising Document Management Solution Providers 2016” in the U.S.

Recoding the Way Document Management Works.

Portford Announces MedDevTrack – The Next Generation for Medical Device Tracking

MedDevTrack

Portford Solutions Group announces the release of MedDevTrack, our second generation of proven software for medical device tracking offering full compliance to mandated FDA regulatory requirements.  Covering all classes of medical devices, this FDA Unique Device Identification (UDI) compliant enterprise application is based on Portford’s agile-based development strategy and implementation for their best-in-class SaaS solution.

We would like to introduce our new website for device tracking at MedDevTrack.com.  The site provides more detailed information and discussion about the software, service and educational offerings in support of our second generation software release.  We have brought aboard a group of renowned industry experts to help aid in the successful configuration and implementation of our device tracking solution to meet all your regulatory and operational needs.  More information related to this news can be found at the following link http://www.meddevtrack.com/meddevtrack-medical-device-tracking-manufacturing-clinical-use/

VeriComply Presentation and Value Proposition

VeriComply launched the VeriComply FileVault and VeriCompliance Process, the most comprehensive solution for managing portfolios of complex commercial real estate loan files.  The VeriCompliance Process starts with a sophisticated classification and extraction engine that recognizes documents, extracts key data fields, automatically files the documents in the correct folder, and watermarks each document with a unique ID and the Loan ID for authentication, whether in digital or paper.  The FileVault allows users to drill down to key data for each asset. The system connects the data tape to the source documents and provides a complete audit history, eliminating risk and reducing costs of validating the accuracy of important loan data.

“As a former real estate and capital markets attorney who completed over $10 Billion in complex deals, I know what it takes to move a loan into the secondary market and get through a regulatory audit,” said Roger Cohen, VeriComply founder and CEO. “VeriComply solves a fundamental problem of performing due diligence on loan files by assembling transparent, reliable assets with greater liquidity and value. In essence, we capture the value of ‘upstream’ due diligence and embed it into the loan file for the benefit of ‘downstream’ users, providing an ROI on expensive professional services fees.”

Watch the presentation…

Are You Keeping up to Date with ApplicationXtender and Captiva?

Take your document management to the next level with upgrading and enhancing your existing EMC solutions. If you have an ApplicationXtender or Captiva solution, now is a great time to upgrade as both solutions have a number of new enhancements and a strong roadmap for the future.

ApplicationXtender (AX) v8

EMC ApplicationXtender is a content management solution that meets the demands of line-of-business applications, yet is enterprise-ready for broader implementations both on and off premises. ApplicationXtender scans, stores, retrieves, and preserves information, while providing role-based access from nearly any device or web browser.

Based on industry standard Microsoft .NET technologies and cutting-edge client UI frameworks, ApplicationXtender can be easily deployed to provide document capture and retention management capabilities as well as seamless integration with Microsoft Office Applications. With an easy to manage footprint, ApplicationXtender an Ideal solution for nearly any business process.

EMC ApplicationXtender delivers:

  • New User Interface. A completely refreshed, streamlined, and easy-to-use interface. Context-driven navigation and a new document viewer bring a rich experience to nearly any HTML5-compliant browser without plug-ins.
  • Simplified administration and remote management. A new Administration interface eliminates need for a desktop client, allowing for a simple deployment that can be managed over the web.
  • Improved performance, extensibility, and scalability. RESTful Services provide a highly-efficient and resource-centric API for developing fast and efficient solutions geared toward web, mobile, and other connected platforms.
  • Broadened support for authentication. Support for single sign-on technologies and authentication engines enables tight integrations with other applications, improves security, and provides a seamless user experience.
Captiva v7.5

EMC Captiva delivers process driven capture software platform that converts paper, documents into application ready digital content. By drastically reducing manual processes, Captiva solutions lower costs, minimize risk, and streamline integration to new and existing systems.

Process Driven Capture
Organizations demand more than traditional back-office capture systems alone: they require the ability to capture documents at the first point of contact. Process Driven Capture enables organizations to capture documents and data from all areas of the business and in all incoming formats.

Captiva’s Advanced Recognition
Captiva Advanced Recognition automatically classifies documents into unique business transactions and then extracts the index data required for validation and processing. Captiva differentiates in the market by providing both the most innovative AR technologies and a proven ability to execute in delivering Advanced Capture solutions. The result: improved transaction times and industry leading automation capabilities which drive the fastest ROI in the market

Captiva’s RealTime Capture – Drives Innovation
Captiva’s Advanced Recognition Capture proves more than a mailroom or batch based solutions. Captiva’s RealTime Capture enables LOB and even departments to quickly set up but robust processes, accessing only the capture technologies needed to capture, convert, classify and extract the data needed in real time. The benefit: immediate response time to customer demands, enabling a new level of SLAs and lean business processes

Captiva Mobile Toolkit

The phenomenal growth of smart mobile devices is fueling the need for businesses to extend their market reach by providing new and innovative services to their customers with mobile-enabled applications and solutions. The new wave of mobile-enabled solutions is paving the way for businesses to consider new alternatives and ways of capturing information and processing of documents.

EMC Captiva Mobile Capture turns a mobile gadget into a sophisticated and efficient portable scanning device that captures documents and has the ability to transform information into useful, actionable data.

Captiva Mobile Capture provides the following features and capabilities:

  • Enhance or improve smartphone user experience to easily capture and submit documents.
  • Allow customers to capture-enable their mobile applications in order to expand high-valued services via mobile applications.
  • Provide server-side mobile image filters for improved classification and extraction.
  • Easily embed on-device image capture, clean-up, and batch-submission functions into mobile applications.
  • Enhanced capability to automatically take the best picture without any human intervention.
  • New user interface guides and tools to assist users to capture the highest quality image possible.
  • New and improved image processing filters and quality detection tools to optimize image quality and size.
  • New camera user interface overlay to customize sensor icons, buttons, labels, colors and dialogs.
Introducing LEAP

Content apps that drive productivity and solve business challenges.

Solving hard problems
Unrivaled set of document classification, extraction, and content transformation tools. A la carte menu options and easy-to- track usage. Pay only for what you use.

No migration required
Instead of wasting time moving to a new platform, LEAP integrates with your front and backend systems with the help of REST, CMIS, and other standard data architectures and service layers.

Thoughtfully designed
Our purpose-built, multi-device ready apps can be configured in minutes so different users can focus on their most important tasks.

Take Advantage of the Portford Document Management Health Check

To help you identify how your organization can take advantage of AX and Captiva, Portford provides a free health check.

Contact us now for more information.

 

Get Your Free Business Health Check

Portford Solutions Group will conduct an up to a 3-hour No-Charge services engagement to assess your automated and or manual document business processes and systems. The Health Check begins with an assessment via conference call or onsite visit which can include:

  • An analysis of your business process
  • A review of critical business issues
  • An evaluation of your plans for future operations
  • Identify potential return on investment (ROI)

We will provide a short report outlining current process issues, highlighting your vision and recommending solutions.

Our Focus
  • Data Capture & AP Automation
  • HR On Boarding
  • Analytics
  • Content Management
  • Workflow Processes
  • Records Management
  • Process Automation
  • Process Management

Contact us now to get your health check started!