Category Archives: DocuNECT

This category contains all the DocuNECT Posts.

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/

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…

Migrate Content to Your Microsoft SharePoint Solution

This solution utilizes different components of DocuNECT to solve common challenges faced in a typical Microsoft SharePoint implementation. DocuNECT can be used to increase the methods used to import content into SharePoint and works with SharePoint 2007, 2010, 2013 and Office 365.

Read our article on the benefits of migrating your content to a central repository.

What is DocuNECT?
  • The What is DocuNECT? page is a great place to start to understand what DocuNECT can do.
  • The DocuNECT Documentation page provides useful information on the functionality of DocuNECT, including White Papers, Data Sheets and links to the Online Help for the current and previous versions.
  • Keep up to date with the Latest News.
“Turn-Key” Lifecycle Applications

Desktop Capture Applications
The Desktop Capture product provides the ability to easily capture electronic documents from the desktop and has the following features:

  • A built in document browser to allow you to easily identify documents to be uploaded
  • Ability to print documents into SharePoint from any print enabled application
  • Drag and Drop documents from Microsoft Outlook
  • Split document images. This is useful if you receive faxes to your email that contain multiple document types
  • Easily integrate with desktop scanners and scanning applications that already exist or are shipped with the scanner.

Multi-Function Device Integration
Using the automated file import features combined with DocuNECT’s powerful web based indexing provides a cost effective solution for an enterprise-wide scanning and indexing. Features include:

  • Completely web-based indexing
  • Users are notified via email of indexing tasks with a link that goes directly to the indexing task which helps to reduce training
  • Integrated with Microsoft Windows Active Directory (AD) to retrieve the user information
  • Barcode generation utility built into DocuNECT Web
  • Document separation, based on barcodes or patch codes
  • Optical Character Recognition (OCR)

Using DocuNECT for Reports Management
DocuNECT can be used as a report processing application for SharePoint. Features include:

  • Import reports in either a ASCII, Adobe PDF or Microsoft Office formats
  • Use DocuNECT’s powerful DocScript scripting language to extract data from report to create folders, assign permission sets or populate document type attributes
  • Split reports based on information found in the report. For example, you may have a business report that contains the finances for all projects. You can split the sections of the report by each project code to make it easier to access and distribute into SharePoint

Capturing Electronic Forms into SharePoint
Using a combination of the DocuNECT Desktop Capture applications and automated indexing provides a great solution for capturing electronic forms. Features include:

  • Capture electronic forms created in Microsoft Excel, Microsoft Word, XML/HTML and Adobe PDF Forms
  • Submit the forms using the Virtual Print Driver, Desktop Capture or via Email
  • Utilizes existing applications to complete forms (Microsoft and Adobe Reader), which makes DocuNECT a cost-effective forms capture solution

Automating Document Import
You may receive electronic content with index values that are stored in different formats. DocuNECT can be configured to import documents and index values that are supplied in a number of different formats. Features include:

  • Total control over mapping the index values from any number of files sources, including databases, text files, XML and HTML files, and Microsoft Excel
  • Different sources can be periodically monitored looking for files to import, such as Local or Network Based File-Shares, FTP Sites, and Secure FTP/SSH sites
  • Email notifications can be sent to confirm successful file imports, or to notify a user of an import error

Monitoring Email
Email is still a highly used application for sending and receiving documents. DocuNECT allows you to set up a email address to be able to email documents directly into SharePoint. Features include:

  • DocuNECT can monitor POP3 and IMAP protocols. Note, for Lotus Notes and Groupwise email POP3 and IMAP can be utilized
  • The email body and attachments can either be added to SharePoint as one document with multiple-pages to represent the attachments, or the body and attachments can be added as separate documents
  • Information can be extracted from the email body and attachments to automate the indexing process. Tags can also be placed in the email body to populate index values

File Share Migration
Network based file-shares are a popular way to easily store and share documents. If you have already invested in a Microsoft SharePoint system, it makes sense to migrate the documents to take advantage of SharePoint’s powerful document management functionality. Features include:

  • Map all or parts of the document’s name to SharePoint document library attribute values
  • Map all or parts of the document’s folder name to SharePoint document type attribute values
  • Retrieve information from the content of the document to populate SharePoint document type attribute values
Automated Data Extraction

You can built templates that defined business rules to extract data from document to automatically populate the SharePoint library folder and document properties.

Building Your Own Lifecycle Applications

We have pre-configured lifecycle applications that cover the most common use cases for Microsoft SharePoint, however, you can also produce your own lifecycle application to meet a specific need.

The Technology

The links below provide information on the technology behind DocuNECT:

Migrate Your Content to EMC’s ApplicationXtender!

Our recent article Migrate Your Content to a Central Document Repository discusses how you can increase compliance and control by consolidating your content into one repository. ApplicationXtender provides a easily deployable and feature rich platform to use as your one-source for document management.

Portford’s own award winning DocuNECT solution integrates with ApplicationXtender to provide an “on ramp” for content stored in different sources and legacy document management systems.

Top 5 Reasons to Move to ApplicationXtender

1) Access New Features. ApplicationXtender is a powerful, feature-rich document management solution that has recently had a major release with some exciting new features.
2) No Plug-Ins or Compatibility Issues. The application is web based utilizing HTML 5 technology. This means that there are no plug-ins that are incompatible with browsers and operating systems (i.e. Windows 10).
3) Tablet Ready. The web application is “tablet ready” so your business users can access content from different devices.
5) Supported Environment. ApplicationXtender is compatible with the latest Microsoft technologies to help keep in a supported Microsoft environment.

Take Advantage of LEAP

LEAP is EMC’s new hybrid cloud technology platform and is the wave of the future. ApplicationXtender works with the LEAP platform so you can take advantage of the digital transformation.