Category Archives: DocuNECT

This category contains all the DocuNECT Posts.

DocuNECT Tech Refresh

This article provides a link to the DocuNECT Tech Refresh webinar held on 10/25/2017.

Agenda

This webinar contains the latest information about the DocuNECT v5 product suite and has the following agenda:

  1. What is DocuNECT?
  2. Advanced Extraction Capabilities and Machine Learning.
  3. Joining Capture and Workflow Together.
  4. Integration with ApplicationXtender.
  5. Demonstration.

Recorded Webinar

Articles from VeriComply’s Blockchain Series

Blockchain Series: How would a Secondary Market Asset System Work in Practice?

In the last post “How to overcome these challenges to implement a Blockchain solution for Secondary Market Assets?”, we discussed the concept of a Secondary Market Asset System. This post discusses how to implement such as a “SMA System”. Here are the key steps in the process: Create the Smart Contract– the legal documents…Read More

Blockchain Series: How to overcome these challenges to implement a Blockchain solution for Secondary Market Assets?

In the last blog post “What are the problems to implement Blockchain solutions for Secondary Market Assets?”, we discussed five problems to an effective Blockchain implementation. This post offers solutions for each of them. Problem #1 – Multiple Discounted Systems Solution: Bridge to Blockchain The promised benefit of migrating to the Blockchain is…Read More

Blockchain Series: What are the problems to implement Blockchain solutions for Secondary Market Assets?

People must remember that Blockchain is a technology that is a building block for a solution, rather than a turn key solution itself. The technology infrastructure, business services and legal documentation used today to manage Secondary Market Assets is wholly inadequate to migrate to a new Blockchain paradigm. For this industry wide transformation to Blockchain … Read More

Blockchain Series: What aspects of Blockchain are relevant to Secondary Markets Assets?

Discussions of Blockchain at conferences and cocktail parties range from the underlying technology to crypto-currency, Initial Coin Offerings (now being redefined as Token Revenue Events), to how the regulators will react to all of this. To keep these blogs on point, we will limit our discussions to the three elements of Blockchain most relevant to…Read More

Blockchain Series: Why Blockchain is a paradigm shift that matters?

Why Blockchain is a paradigm shift that matters? The internet has changed every aspect of our lives. However, it is the internet of information where copies of music, videos, and other content can be copied and distributed globally in seconds with little control. This paradigm does not work for Assets, which must be unique, controlled…Read More

Are you ready for the impending Tsunami? How Blockchain will Transform the Secondary Markets for Financial Assets

What’s the Blockchain Buzz about? As the media buzz continues to grow about Blockchain’s impact on the entire financial services industry, just about everyone is trying to figure why it matters and how it will affect them. As Blockchain’s impact will vary by industry vertical and use case, this series of blog posts will focus…Read More

VeriComply Partners with Christiana Trust to Provide Automated Verification

In order to timely close its $163 Million asset securitization, Upstart needed to validate the accuracy of 19,000 over loan files in a matter of hours. Upstart turned to Christiana Trust who had partnered with VeriComply and applied its automated Verification Agent solution. The results, in 2 hours over 19,000 loans processed and verified with 100% accuracy and 100% automation and the delivery of the electronic originals to an electronic vault confirmed. The VeriComply dashboard provided real time access to the process and the repository provided watermarked loan file, audit history and Verification Certificate for future reference.

The Situation

Upstart needed to ensure timely delivery and verification of over 19,000 loan files being securitized in its Grantor Trust 2017-1 deal. Rather than use the “stare and compare” method of loan verification and manual confirmation of delivery to an electronic vault, Upstart engaged Christiana Trust who had partnered with VeriComply. This partnership enabled Christiana and VeriComply to quickly execute the required VeriCompliance Process set up and seamlessly perform the file validation process flow.

The Challenge

The VeriComply team was faced with the challenge of setting up a process flow in a few days to provide a 100% validation (rather than a sampling) of over 19,000 loans confirming that:

  • Each Loan File contained a Promissory Note and a TILA disclosure.
  • The Loans listed in the Data Tape had corresponding documents in the Loan File.
  • The Loan Files had been successfully transmitted to the required electronic vault.

Additional requirements included providing evidence of compliance with rigorous data privacy and security requirements, a complete audit history of all work performed, a document repository for the verified loan files and an automated process to remove loan files from the system upon subsequent sale, payoff or charge off of the loan.

The Solution

The VeriComply team working with Upstart and Christiana was able to meet all these requirements on time and on budget. Here is how it happened:

Set Up Process:

  • Customized process flow designed and deployed in days.
  • Satisfied requirements of the Custodial Agreement.
  • Implemented using VeriComply’s Configuration Templates and Implementation Protocols.
  • Released in accordance with VeriComply’s Operation Qualification Protocol

VeriComply Process Flow:

  • Documents uploaded by secure FTP.
  • Process performed in less than an one hour on 100% of Loan Files.
  • Any exceptions reviewed by Christiana using the VeriComply workflow manager.
  • VeriComply Process audit history available in Project History folder of Repository.
  • A complete record of all exception workflows created.
  • In Process and Final Quality Checks performed.
  • Watermarking with VeriComply Logo and Logo ID on each document in each Loan File.
  • Report automatically populated with verified data and distributed to deal team.
The Results

Using state of the art technology, industry know and compliant Implementation Protocols, VeriComply handled all processing with minimal effort by Christiana Trust and provide Christiana Trust and upstart with:

  • Speed and Capacity– Over 19,000 loans processed in 1 hours .
  • Accuracy- 100% of loans validated with 100% automation and all exceptions verified manually in minutes.
  • Compliance– SSAE16 compliant process that protected Personally Identifiable Information.
  • Performance– Azure computing power “ramped” for peak performance and then reduced to save costs.
  • Timely Deal Close- deal closed on time with ability to verify the delivery of the Loan Files to an electronic repository.
  • Removal of Loans- system implemented to remove individual loans that are charged off, paid off or sold from the Repository.

VeriComply Hires Former LendingClub Executive as President

http://www.prweb.com/releases/2017/2/prweb14076467.htm#!

VeriComply announced today the hiring of Roger Dickerson as President to lead the Company’s expansion into the Marketplace Lending industry. VeriComply has developed a suite of products and services to verify the accuracy of loans being sold into the secondary market. The automated loan verification service validates the accuracy of loan data against the loan documents and creates an audit history that follows the loan. The Company’s solutions enables the verification process to keep pace with the increase in asset velocity of Marketplace Loans.

Prior to joining VeriComply, Mr. Dickerson was VP of Finance Operations at LendingClub where he oversaw investor operations. These operations included processes and technology for order fulfillment, reporting, custody, cash and asset documentation. During his 5-year tenure, Roger facilitated $23 approximately Billion of loans to institutional investors.

Prior to joining LendingClub he was CFO and CCO at PageMill Partners, which provides M&A advisory services to the technology industry. Prior to PageMill, he was a Director of Corporate Development at Charles Schwab and a Director of Strategic Finance and Planning in the Schwab Technology Group. Mr. Dickerson has his B.S., Accounting from DePaul University and a MBA from the University of Chicago.

“Roger Dickerson brings deep expertise in implementing solutions for LendingClub to facilitate loan sales, financings and securitizations of marketplace loans. He can now leverage that unique skill set with the VeriComply technology and processes to help the entire Marketplace Lending industry build greater trust of institutional investors”, commented Roger Cohen, CEO of VeriComply.

“After my career at LendingClub, I had many opportunities, but chose VeriComply as it has the technology, expertise and solution minded culture to help Marketplace Lending instill even greater investor trust in the loans,” said Roger Dickerson. “I am excited to be leading the effort to bring these solutions to the industry.”

About VeriComply.
VeriComply automates the verification of marketplace loans for the secondary market. The Company’s proprietary technology platform and process automatically recognizes loan files, extracts and validates loan data against the source documents and creates a complete audit history. The platform can be integrated with origination, servicing and data aggregation systems to keep accurate loan documents always accessible.

http://www.vericomply.com

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

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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.

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/